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Bloomberg Senior ETF analyst Eric Balchunas has defended a recent Ethereum (ETH) prediction from BitMine President Tom Lee. His defense of Lee’s bullish crypto prediction is based on practical results for investors, not on accuracy.
Bloomberg ETF expert Tom Lee shows support
Tom Lee is still bullish on crypto. He has always encouraged investors to buy and hold crypto assets. He recently predicted that Bitcoin (BTC) could rise to $3 millionnoting that the coin is not capped by gold.
Despite his bullish stance, critics noted that Tom Lee’s predictions were correct only 2 out of 14 times. In 2017, Bitcoin reached $13,860, surpassing the $6,000 predicted by Lee.
Likewise, Bitcoin rallied around $28,994 by the end of 2020, beating Lee’s projection of $25,000. However, in the following years, Lee’s projects for Bitcoin and Ethereum did not materialize.
In his defense, Balchunas noted that those who followed Lee, ignored the rumor and invested themselves made a fortune.
Balchunas acknowledged that setting precise goals can be risky and look bad when missed.
However, he emphasized that if someone bets big on a team to win and they win by a smaller margin than expected, it’s still a win.
The Bloomberg analyst disclosed that he does not make great future predictions himself because no one knows the future. However, I respect that Lee’s optimism paid off for the investors who stayed.
BitMine is still confident in Ethereum’s outlook
In a recent U.Today report, Lee made a bullish ETH projection. According to the president of BitMine, ETH could rally towards $12,000 and $15,000 by the end of 2025.
He gave the forecast despite ETH experiencing a downward trend in its price charts. Lee based his projection on the rapid growth of new technological trends, such as AI agents and robotics.
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Lee argued that these innovations will create massive demand for tokenized economies, much of which will likely stem from the Ethereum network.
To demonstrate their trust in ETH, Bitmine continued to add the altcoin as a reserve asset. BitMine started accumulating ETH in June 2025 with a capital raising of $250 million.
Shortly after this pivot, BitMine rose to the second placepo on the list of the largest crypto treasury companies. Currently, the company is the largest corporate holder of Ethereum, holding a total of 3,313,069 ETH, valued at approximately $11 billion.
