Bitmine chairman Tom Lee has predicted that Ethereum has significant upside potential from its current price. Here’s how high it can go by 2035.
Since joining Bitmine Immersion Technologies, the largest Ethereum treasury company by holding, Lee has relentlessly pushed the bullish Ethereum narrative. He believes that the Ether ecosystem would benefit immensely from the developing trends in the financial market, predicting ambitious price targets for the altcoin leader.
Ethereum Supercycle: Here’s the Possible Target
In a recent commentary, Austin Arnold, the founder of Altcoin Daily, highlighted Lee’s bullish Ethereum outlook, predicting where the digital currency could end up over the next ten years.
He emphasized Lee’s view that Ethereum is in a super cycle similar to when the dollar left the gold standard in 1971 and will post staggering gains both in the near and long term. Furthermore, he spotlighted the Bitmine chairman’s prediction that Ethereum would hit $62,000 in a few years.
Notably, he projected that if Ethereum follows this predicted path, it would trade at $62,000 by 2035. This 10-year bullish outlook represents a 1,257% growth from its current market price of $4,570, taking its market cap to $7.48 trillion at a circulating supply of 120.7 million tokens.
Why Tom Lee Is Bullish on Ethereum
For context, Lee described stablecoins as the ChatGPT moment for the crypto industry, amid massive endorsement even from the US government. The GENIUS Act was passed by the US Congress in July, with Treasury Secretary Scott Bessent predicting the sector would grow to trillions of dollars in a few years.
Notably, Lee believes this would favor Ethereum, considering its pole position in the stablecoin sector. Recall that more than half of the circulating stablecoin supply exists on the Ethereum network, and he believes this places Ethereum in a good position to benefit from the increased traction.
The FundStrat CIO also noted that Wall Street and AI would converge on Ethereum. Remarkably, he does not share this sentiment alone; VanEck CEO Jan van Eck called Ether the “Wall Street” token in August, suggesting an impending mainstream recognition for the asset.
How Much Ethereum Do You Need to Become a Millionaire
Meanwhile, Arnold went a step further to calculate the amount of Ethereum an investor would need to become a millionaire if this Ethereum reaches $62,000 by 2035. He noted that one would need 16 ETH to be worth over $1 million. At the current price, one would spend $73,120 to buy that amount of Ether.
Moreover, he noted that even 14 ETH or 15 ETH could suffice if the holder stakes them. Recall that stakers receive value for staking their Ethereum to support the network’s security.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.