On Nov. 16, Tom Lee — govt chairman of BitMine Immersion Applied sciences (BMNR), head of analysis at Fundstrat World Advisors and chief funding officer at Fundstrat Capital — mentioned in a put up on X that ether is “embarking on that very same supercycle” that produced a 100x achieve in bitcoin since his 2017 shopper suggestion.
He famous bitcoin endured six drawdowns larger than 50% and three larger than 75% over the previous 8.5 years, arguing crypto’s volatility displays markets “discounting a large future” and that traders needed to maintain via “existential moments.”
The decision drew pushback. A outstanding bitcoin influencer often known as “The Bitcoin Therapist” requested what utility ether gives that “lots of of different cash don’t,” questioned Ethereum’s moat past market penetration and whether or not conventional finance would truly run on Ethereum rails for twenty-four/7 buying and selling. “I might by no means need my property on the ethereum blockchain,” he wrote.
Lee didn’t present timing targets or valuation markers for the ether thesis, past cautioning that “the trail larger is just not a straight line.” His feedback lengthen a long-running view that crypto cycles can reward endurance however include extreme interim drawdowns.
Wanting forward, sustained development in on-chain exercise on Ethereum and its Layer-2s alongside expanded institutional use instances, will assist check the thesis.
