Tom Lee, Chairman of Bitmine, shared insights into his early encounters with cryptocurrency during a conversation with Raoul Pal. While at JP Morgan, Lee participated in discussions about Bitcoin but did not pursue it further at the time. It wasn't until he founded Fundstrat in 2017 that he noticed Bitcoin's price had increased tenfold over a few years. Drawing on his extensive experience in stock analysis, Lee concluded that such growth in a network-based asset was not merely a bubble. He developed a simple two-factor model based on wallet numbers and activity, which explained over 90% of Bitcoin's price increase. This realization aligned with his belief in the value logic of social media networks and the potential of digital businesses without traditional infrastructure.