Bitmine's Tom Lee Now Owns 4.8% of Ethereum's Total Supply. Is It Worth Buying ETH Now?
Tom Lee, founder of Fundstrat Global Advisors and a staunch cryptocurrency bull, now serves as chairman of Bitmine. Under his guidance, Bitmine has evolved from a bitcoin miner into the world's largest corporate holder of Ethereum, owning 5.81 million ETH tokens (4.8% of the total supply) as of August 10, with a target of reaching 5%.
Lee, who correctly advised buying Bitcoin in 2017, is similarly bullish on Ethereum. He began recommending ETH in late 2024 at around $3,400; despite its current price near $1,900, he predicts it could reach $22,000 in the coming years and $62,000-$250,000 long-term.
His optimism stems from Ethereum's role as the leading smart contract blockchain. He expects growth from increased stablecoin issuance, tokenized real-world assets (RWA), and the need for AI agents to use neutral, secure blockchains like Ethereum for identity verification and machine-to-machine payments. With a market cap of $226 billion, Ethereum remains much smaller than Bitcoin's $1.26 trillion, suggesting significant room for growth once macroeconomic headwinds ease.
While past success doesn't guarantee future results, and ETH is down nearly 60% over the past year, the article argues Ethereum has clearer long-term catalysts than many altcoins. These include growing dApp usage, AI integration, and the potential for approved spot ETFs to attract more investors. The conclusion suggests that while not buying as aggressively as Bitmine, accumulating the world's second-largest cryptocurrency during market pessimism could be a prudent long-term strategy.
cryptonews.ru08/17 11:23
