TOM LEE was one of the first mainstream financiers to start giving advice on cryptocurrency. And now, he’s seen as one of the leading voices on investment in the sector.
But what is the story behind Tom Lee and what is his net worth?
Who is Tom Lee?
Tom Lee, given the name Thomas Jong Lee by his parents, was born in Westland, Michigan in 1969.
He was one of four children born to Korean immigrants who moved to the US in 1962. Lee has spoken openly about his admiration of his parents who moved to America barely able to speak English.
He has described his dad as the “best example ‘risk-takers’ driving American greatness”.
At the age of 18, he enrolled at the University of Pennsylvania, studying Economics at the Wharton School.
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After graduating, Lee worked at the investment banking firms Kidder Peabody, Oppenheimer & Co, and Salomon Brothers among others before joining JP Morgan.
In 1999, Lee became managing director for the financial services giant, serving in the role until he became the firm’s chief strategist in 2007. He served in the role until 2014 when he decided to start his own research advisory firm: Fundstrat Global Advisors.
Upon launch, Fundstrat said it has a “differentiated approach” to most other financial firms on Wall Street.
“Our research process combines a top-down strategy view and a bottoms-up fundamental view, to develop a roadmap of practical and useful investment insights for our clients,” it claimed.
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In 2017, Lee’s firm became one of the first major Wall Street strategists to provide formal research coverage of Bitcoin.
Lee said the cryptocurrency could be worth $55,000 by 2022 in a report titled: “A framework for valuing Bitcoin as a substitute for gold.”
In a sector where prices fluctuate at rapid rates, the investment adviser also tells his clients to hold onto their crypto assets.
He claims Bitcoin is only profitable to buy and sell 10 days per year and that holders should retain their assets in the in-between.
The financier is now a regular contributor on US news channels such as CNBC, Fox Business and Bloomberg giving his view on the future of the crypto space.
What is Tom Lee’s net worth?
Tom Lee’s net worth is thought to be in excess of $30million. He is estimated to earn more than $3million a year.
Tom Lee’s net worth comes not only from his successful career in the crypto sector but also from having previously made his fortune when working in the mainstream financial sector.