ChainThink reports that on March 22, Tom Lee, Chairman of BitMine, the Ethereum treasury company, told CNBC in an interview: “We are maintaining our year-end S&P 500 target at 7,700, which is already a conservative estimate, as we assumed only modest multiple expansion this year. Although the war has caused significant short-term disruption and uncertainty—including impacts on monetary policy—it may be beneficial for the U.S. economy and U.S. stock market in the long term. By year-end, the market will gradually shift its focus from the crisis itself to the opportunities within it. Looking back at the past eight major conflicts, markets typically begin to bottom out early in the conflict.”
Regarding whether the current market is overly optimistic, Tom Lee said, “We’ve actually already been through a bear market—last year, energy stocks were in a three-year downtrend, financial stocks were declining, and the MAG-7 were also in a downtrend; these sectors together account for about 70% of the S&P 500. Even before the war began, gold had already entered a parabolic rally, meaning the market had already begun pricing in geopolitical uncertainty, and investors had already de-risked.”