Tom Lee Says 99% of Finance Still Runs on Traditional Rails, but That Could Change Fast

Fundstrat’s Tom Lee says nearly all financial activity still runs through traditional infrastructure, but believes that dominance could create dangerous recency bias.
Today, most investors, banks and corporations still treat crypto as a relatively small part of the financial system.
Lee argues that looking only at the current market structure may cause institutions to underestimate how quickly adoption can shift.
The key issue is infrastructure.
As stablecoins, tokenized assets and blockchain-based settlement become more widely used, financial institutions may increasingly need crypto-native rails alongside traditional payment and custody systems.
Banks that fail to build those capabilities could eventually find themselves competing against institutions that can move assets faster, operate around the clock and settle transactions directly on-chain.
The transition does not need to replace the existing financial system overnight to become meaningful.
Even a relatively small migration of payments, securities and settlement activity toward blockchain infrastructure could create major opportunities for companies positioned early.
Lee’s broader point is that today’s 99% share for traditional finance may say more about where the system has been than where it is going.