Lee: Economists Fighting 'Last Year's Wars' as Crypto Hits Bullish Stretch

Fundstrat's Tom Lee argues that economists are misreading today's inflation picture. He points out that about 60% of the gap between core PCE and core CPI is driven by portfolio fees and flash memory prices, which he says do not reflect household inflation.

Lee also notes that Fundstrat's 2% Bitcoin recommendation has grown to more than 85% of some client portfolios due to Bitcoin's price rise. He believes that crypto may have already hit a bottom and is entering a bullish stretch, citing the 4-year cycle bottom expected in October and increased leverage.

Lee also expresses a bullish outlook on Ethereum, stating that several market and industry trends could support ETH and strengthen its outlook. He notes that his clients did not buy more Bitcoin, but rather held a 2% position which has appreciated significantly in value.