On March 22, Tom Lee, Chairman of Ethereum treasury BitMine, stated in an interview with CNBC, "We maintain our year-end target of 7700 for the S&P 500. 7700 is a conservative estimate, as we only assume a moderate expansion in the price-to-earnings ratio this year. While war causes significant short-term shocks and uncertainties, including its impact on monetary policy, it may be beneficial to the US economy and stock market in the long run. By the end of the year, the market will gradually shift its focus from the crisis itself to the opportunities it presents. Looking back at the past eight major wars, the market typically begins to bottom out in the early stages of the conflict."
Regarding whether the current market is overly optimistic, Tom Lee stated, "We have actually already experienced a bear market. Last year, energy stocks were already in a three-year bear market, financial stocks were also declining, and MAG-7 stocks were also in a downward cycle. These sectors together account for about 70% of the S&P 500. Even before the war began, gold had already experienced a parabolic rise. To some extent, the market had already begun to price in geopolitical uncertainty, and investors had already de-risked."
