BitMine’s Tom Lee Says Ethereum Will Flip Bitcoin

In a recent interview with The Compound, Tom Lee, the newly appointed Chairman of BitMine Immersion Technologies Inc., has made a bold prediction on Ethereum. According to him, the token is poised to overpower Bitcoin in terms of market capitalization.

Significantly, Lee’s bullish outlook for Ethereum mirrors BitMine’s aggressive Ether accumulation strategy. With a massive holding of 1,523,373 Ether, the blockchain platform is now the largest ETH treasury in the world.

BitMine’s Lee Remains Bullish on Ethereum

In an ambitious prediction for the second-largest cryptocurrency in the world, BitMine’s Tom Lee reflected on ETH’s potential to flip BTC in market cap. Lee forecasts a 100x return for Ether, which could enable it to overtake the pioneer crypto's market cap as Wall Street adoption accelerates.

Currently, Ethereum boasts a market cap of $570.07 billion, securing the second spot on CoinMarketCap. At the same time, with a staggering cap of $2.3T, Bitcoin stands firm in the first position. As per the American entrepreneur’s projection, Ether is poised to outperform BTC with about 100x returns.

Interestingly, the current market performance of both cryptocurrencies further strengthens the Chief’s prediction. At press time, Ethereum's price surged to $4,719, marking a 10% daily gain, while Bitcoin traded at $115,400, down 1.2%.  While the largest altcoin saw a significant hike of 31% over the past month, Bitcoin dipped by 2.25%.

Massive Accumulation Plan Unveiled

Further underscoring his bullish crypto stance, the Chief revealed BitMine's ambitious plan to accumulate Ethereum aggressively. Reportedly, the blockchain technology company leverages the “alchemy of 5% strategy” to acquire 5% of Ether’s circulating supply. This accounts for about 6,035,480 ETH. Currently, the firm holds 1.52 million worth of ETH and 192 Bitcoin. Underscoring the company's commitment to its crypto accumulation strategy, he stated,

"In just a week, BitMine increased its ETH holdings by $1.7 billion to $6.6 billion (adding over 373,000 tokens from 1.15 million to 1.52 million tokens), as institutional investors have expressed interest and support for our pursuit of the 'alchemy of 5%'...As we continue to say, we are leading crypto treasury peers by both the velocity of raising crypto NAV per share and by the high trading liquidity of our stock."