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, shared a notable insight on X regarding Ethereum’s future potential. Lee stated that ether is “embarking on that same supercycle” that produced a 100x gain in bitcoin since his 2017 client recommendation.
He highlighted that bitcoin has experienced six drawdowns greater than 50% and three exceeding 75% over the past 8.5 years. According to Lee, crypto’s volatility reflects markets “discounting a massive future,” and investors must navigate through “existential moments” to realize substantial gains.
However, Lee’s optimistic outlook received pushback. A prominent bitcoin influencer known as “The Bitcoin Therapist” questioned the unique utility that ether offers compared to “hundreds of other coins.” He also challenged Ethereum’s competitive moat beyond its current market penetration and expressed skepticism about whether traditional finance would adopt Ethereum’s blockchain for 24/7 trading operations. In his words, “I would never want my assets on the ethereum blockchain.”
Lee did not specify timing targets or valuation markers for his ether thesis but cautioned that “the path higher is not a straight line.” His comments reflect a long-standing view that crypto cycles can reward patience, albeit with severe interim drawdowns.
Looking ahead, sustained growth in on-chain activity on Ethereum and its Layer-2 solutions, along with increased institutional use cases, will be critical in testing this thesis.
https://www.coindesk.com/markets/2025/11/16/tom-lee-says-ether-is-entering-a-bitcoin-like-supercycle-critics-push-back
