Tom Lee, the co-founder and CIO of Fundstrat, has doubled down on Ethereum, picking the altcoin as his best bet over Bitcoin in the next decade.
Lee was put in the spotlight when “Coin Stories” host Natalie Brunell asked if he would put all his money on either Ethereum or Bitcoin in the next 10 years. In response, he noted that he would pick Ethereum.
The Fundstrat CEO shared that Ethereum is the next big thing and is currently having its 2017 momentum. He further noted that widespread adoption would hit the Ethereum market as Wall Street converges after the stablecoin ChatGPT moment in crypto.
Recently, Bitwise CIO Matt Hougan identified that XRP and Ethereum are the cleanest forms of exposure to tokenization. As a result, Ether could record massive upside if the expected tokenization impact comes to fruition.
Interestingly, this aligns with Lee’s earlier outlook for Ethereum, where he projected a rally to $15,000 before the end of the year. His recent chairman’s report as the Bitmine head further raises the bar for Ethereum, predicting that Ethereum would reach an ambitious $60,000 price.
Nonetheless, Brunell highlighted a few risks closely tied to Ethereum. Some of which include centralization claims due to the consensus model and attack vulnerability on Ethereum bridges and layer 2.
She also mentioned the competition for Ethereum over the possible DeFi debut on Bitcoin and classification uncertainties. In response to that, Lee noted that these downsides are smaller risks compared to the fragility of the existing traditional financial system.
The Bitmine chairman insisted that the existing traditional system is more vulnerable to fraudulent activities. He noted that the system cannot prevent infiltration or offer the security that Ethereum could provide.
Despite his bullish Ethereum stance, Lee emphasized that Ethereum is not competing against Bitcoin. He noted that Bitcoin paved the way for other cryptocurrencies, proving to Wall Street that one does not need tangible assets to create value.
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