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On November 16, Tom Lee – Executive Chairman of BitMine Immersion Technologies (BMNR), Head of Research at Fundstrat Global Advisors and Chief Investment Officer at Fundstrat Capital – he said in a post on X that ether is “embarked on that same supercycle” that produced a 100x gain in bitcoin since its 2017 customer recognition.
He noted that bitcoin has suffered six drawdowns greater than 50% and three more than 75% in the past 8.5 years, arguing that the crypto’s volatility reflects markets “discounting a massive future” and that investors should hold on for “existential moments.”
The call drew a push. A prominent bitcoin influencer known as “The Bitcoin Therapist” asked what utility ether offers that “hundreds of other coins do not”, questioned Ethereum’s moat beyond market penetration and whether traditional finance would really run on Ethereum rails for 24/7 trading. “I would never want my assets on the ethereum blockchain,” he wrote.
Lee did not provide timing targets or evaluation markers for the ether thesis, other than to warn that “the highest path is not a straight line.” His comments expand a long view that crypto cycles can reward patience, but come with severe interim drawdowns.
In the future, the sustained growth in activity on the chain on Ethereum and its Layer-2 alongside the expanded institutional use cases, will help prove the thesis.
