Tom Lee was one of the first financial advisers to see the opportunities offered by cryptocurrency. He’s now one of the leading voices in the sector, making a pretty penny from his work.
So, what is Tom Lee’s net worth? And what is the story behind his success?
Who is Tom Lee?
Tom Lee was born in Michigan in 1969 to Korean immigrants. He was originally given the name Thomas Jong Lee, but shortened it to sound more Western when he was older.
Lee credits his parents for a lot of his success in life, taking inspiration from their journey. The pair moved to America in 1962 barely able to speak English but took the gamble in the hope of a better life.
Hailing their approach to life, Lee once described his parents in an interview as the “best example ‘risk-takers’ driving American greatness”.
In 1987, Lee started studying economics at the Wharton School at the University of Pennsylvania.
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After finishing college he began a career that looked like any other in finance, working at investment banking firms Kidder Peabody, Oppenheimer & Co, and Salomon Brothers among others.
Nine years into his career he then joined JP Morgan, serving as the firm’s managing director from 1999 until 2007. He was then promoted to chief strategist, staying in the role for another seven years.
It was in 2014 that Lee decided it was time to quit and start his own investment advisory firm, Fundstrat Global Advisors.
Ahead of the curve, Lee used his firm to offer advice to clients on cryptocurrency when most Wall Street strategists refused to go near it.
From the outset Fundstrat claimed to have 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 said on launch.
In 2017 Lee wrote a report for Fundstrat titled “A framework for valuing Bitcoin as a substitute for gold.”
The paper was published before the crypto crash of 2018 which saw the price of Bitcoin plummet by 65 per cent to a low of around $3,100.
However, despite Lee’s advice appearing at odds with the market, his advice accurately predicted what would happen.
Bitcoin hit $50,000 for the first time in February 2021, peaking at $68,789.63 in the November of that year.
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.
What is Tom Lee’s net worth?
Tom Lee’s success as a financier has given him a net worth of over $30 million, with an annual income of more than $3 million.
While he earns handsomely from his career advising on crypto investments, much of his wealth was built up when working in the traditional financial sector.