Despite top cryptocurrencies being down big across the board, the current crypto bear market could be coming to an end soon. That's according to Wall Street strategist Tom Lee, who has already predicted that "crypto spring" is here after a brutal crypto winter.
With that in mind, Tom Lee has set some hyperbullish price targets for both Ethereum (CRYPTO: ETH) and Bitcoin (CRYPTO: BTC). As he sees it, they will both experience hypergrowth over the coming decade, and both could be ready to explode in value by 3,000% or more.
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Given that Tom Lee is now chairman of Bitmine Immersion Technologies (NYSE: BMNR), the biggest Ethereum treasury company in the world, it makes sense that he's especially bullish on the prospects of Ethereum. Even amid a crypto bear market, his firm has been steadily hoarding Ethereum and now owns close to 5% of all Ethereum in existence.
If Lee is right, those holdings could soon be worth considerably more than they are today. He's predicting that Ethereum could eventually hit a price of $250,000. Based on its current price of approximately $2,000, that represents a 12,500% return on investment.
According to Lee, Ethereum is entering its "ETH 2.0" phase. This is the period of time when Ethereum finally goes mainstream and its blockchain becomes firmly embedded into the IT infrastructure of the modern financial world.
In its "ETH 1.0" phase, Ethereum became a heavyweight player in decentralized finance (DeFi), so this vision of Ethereum becoming the go-to blockchain for Wall Street in its "ETH 2.0" phase is not entirely out of the question. Ethereum has already become a key player in stablecoins and asset tokenization.
Yet, for Ethereum to enjoy those 12,500% gains, there needs to be a major paradigm shift. And, according to Lee, that's exactly what's coming for Ethereum. He compares Ethereum now to Amazon (NASDAQ: AMZN) before it launched Amazon Web Services (AWS) and to Nvidia (NASDAQ: NVDA) before the current AI boom.
For Ethereum to reach new stratospheric highs, it's going to need some help from Bitcoin. After all, Bitcoin typically leads the crypto market higher or lower, and Ethereum has historically marched in near lockstep with Bitcoin during both bull and bear markets.
Source: Yahoo Finance Top News — This article was automatically imported from the source. Read full article at original source →
