BitMine’s Tom Lee Calls Crypto Market Crash a Golden Buying Opportunity

With the recent crypto market crash caused by President Donald Trump’s tariff talks, quite some enthusiasts have been reeling in regrets, but BitMine’s chairman, Tom Lee, says it is a golden buying opportunity. Meanwhile, the US president has confirmed that he is meeting with China’s leaders to discuss the tariff rates.

Crypto Market Crash Scares Investors and Traders

On October 10, the 47th President of the United States (POTUS), Donald Trump, announced that a 100% tariff would be imposed on China. Following the news, asset prices dropped significantly with Bitcoin (BTC), Ethereum (ETH), and even memecoins losing much gains. This caused several investors and traders to suffer much loss as crypto liquidations topped $19 billion. 

Since that time, these entities have shied away from making any significant investment. Tom Lee noted that their anxiety is justified, citing the pensive atmosphere triggered by mounting U.S. tariff tensions, deleveraging in credit markets, and the seasonal volatility often associated with October. However, he recognizes this season as a time to make massive purchases. 

Buy the Dip, BitMine’s Chairman Suggests 

In Lee’s opinion, an overly negative sentiment could usher in a contrarian buying opportunity. He highlighted how only 22% of fund managers are currently at the top or exceeding their benchmarks. On this premise, it is only a matter of time before many begin to “chase performance,” which could then lead to a rebound in market conditions. 

It is therefore not surprising that BitMine purchased more than 104,000 ETH a few days ago, valued at about $417 million at the time. Though the company already holds the title of the largest Ethereum holder, it did not mind acquiring more coins while the market was struggling to recover from recent volatility and massive sell-offs. 

Trump to Meet With Chinese President Xi Jinping

On the matter of the 100% tariff, Trump has hinted at the possibility that it may not be enforced. 

He was asked during a FOX Business interview if the tariffs would stay, and his response was “no,” suggesting a possible change in trade policy. It was during this event that he mentioned his plans to meet up with Chinese President Xi Jinping in two weeks.

Market watchers hope that this news will relieve the tension in the market. If their meeting goes well, the broader market condition will stabilize.