Tom Lee: BTC and the AI infrastructure investment trend are the main axis of the new long-term bull run.

Renowned Wall Street analyst and Bitmine chairman Tom Lee stated in an interview on October 7 that the global market is moving towards a new economic cycle driven by "AI, productivity revolution, and the popularization of Crypto Assets." He believes that the demographics and technological advantages of the United States will support this long-term bull run, while Bitcoin (BTC) and AI infrastructure investment will be the two main pillars of this long-term bull run.

AI and algorithms are reshaping investment logic, the AI investment wave has just begun.

Tom Lee stated that although the market is currently affected by inflation and policy noise, from a structural perspective, the United States is entering a long-term productivity increase driven by AI.

He pointed out that the combination of AI and automation symbolizes that humanity is moving towards the "era of infinite labor force". In other words, the advancements in AI, robotics, and algorithms will reshape the operational logic of production, consumption, and investment.

Regarding external concerns about the overheating of AI investments, Tom Lee believes it is still early. As long as the improvement in computing power continues to make models stronger, we have not reached saturation. He cited that private investment in China once accounted for over 40% of GDP and maintained high growth for many years. In comparison, the AI investment boom has just begun, and we are far from excess.

The number of wallets and their usage frequency have become key indicators of BTC volatility.

Tom Lee reflects on his journey of studying BTC since 2017. He mentioned that at that time he was just curious why BTC could surge tenfold in just a few years, and later realized that its value growth completely aligns with the logic of the "network effect."

He constructed the model using two key indicators, namely "number of wallets" and "usage frequency of each wallet". By observing these two data points, it is possible to explain over 90% of the price fluctuations of BTC. This is consistent with the diffusion law of social network value and corroborates the statement of "Metcalfe's Law" (Metcalfe’s Law), which states that:

"The value of a network is proportional to the square of the number of its users."

Most optimistic about BTC, its price performance may surpass gold.

Tom Lee stated that he had predicted in a report that BTC could reach $25,000 in the future and suggested that investors allocate 2% of their funds to Crypto Assets. Although the report caused some dissatisfaction among institutional clients that year, even leading to contract terminations, he laughed and said:

"When the market reacts so strongly to something, it usually means you've hit the nail on the head."

Eight years have passed now, and BTC has become one of the mainstream assets, he emphasized:

"BTC is still our most favored investment target, and its performance may even surpass that of gold."

Population structure changes support a long-term bull run in the United States.

Tom Lee pointed out that the most fundamental force affecting the economy is not policy or interest rates, but demographic structure. He stated that the population aged 30 to 50 in the United States has rebounded since 2009, turning to positive growth after 2016, and this group is the main force behind credit, consumption, innovation, and investment. From a macro perspective, all economic variables ultimately point to demographics.

He further pointed out that the aging population problem in many European and Asian countries is intensifying, which in turn has increased the demand for AI technology and labor in the United States, giving the U.S. a rare advantage in the global structure. He believes that the United States is currently in a dual golden period of "population structure improvement and technological innovation," which will support a long-term bull run in the next decade.

A new round of economic cycles has begun, market confidence is returning, and capital is restarting.

Tom Lee emphasized that although there are still mixed opinions from the outside regarding the new government policies, the overall direction is actually positive, which helps control the deficit, stimulate private investment, and restore market confidence.

He stated that "Animal Spirits" (Animal Spirits) are returning. Although the consumer confidence index has not yet reflected this, investment behavior in the capital markets has already begun to regain vitality. He expects that the United States will enter a new round of long-term upward cycles driven by AI, productivity improvements, and demographic structure improvements, with BTC and AI being the two core pillars of this long-term structural bull run.

( Note: Animal spirits, a term coined by economist Keynes, describes the "confidence and willingness to take risks" that people exhibit in economic decision-making. It is not the result of rational analysis, but rather an emotional force that drives investment, consumption, and entrepreneurship. When this "daring atmosphere" returns to the market, people become more willing to take risks and invest funds, thus restarting the economy. )

( BitMine Chairman Tom Lee appeared at the Korea Blockchain Week, predicting the year-end target price for Ethereum: $10,000 )

This article Tom Lee: BTC and the AI infrastructure investment wave, is the main axis of a new long-term bull run first appeared in Chain News ABMedia.