Just as the artificial intelligence (AI) wave sweeps through the tech industry, Ethereum seems to be welcoming its own 'ChatGPT moment.' Wall Street analyst and Fundstrat co-founder Tom Lee believes that as institutional investors gradually awaken and see Ethereum's potential, the influx of funds into Ether will be unstoppable, much like 'Silicon Valley embracing AI,' and he is even more optimistic that Ether will soar to $10,000 or even $15,000 by the end of the year.
Tom Lee is also the chairman of the Ether reserve strategy company Bitmine Immersion Technologies. In a recent interview, he stated that stablecoins have created a 'ChatGPT moment' for cryptocurrencies.
Tom Lee believes that stablecoins, with their simple, intuitive, and contagious use cases, have successfully gained favor among banks, merchants, and consumers, and their role as an alternative payment solution is becoming increasingly clear.
He mentioned that Ethereum currently holds over half of the global $260 billion stablecoin supply and is a key hub for asset tokenization, expected to become the blockchain of choice for major institutions. Tom Lee pointed out:
Wall Street is searching for a blockchain that can operate compliantly in the U.S., is larger in scale, and has a substantial real-world asset (RWA) foundation, which is precisely why Ethereum is increasingly valued.
Although Bitcoin still sits firmly on the 'digital gold' throne, Tom Lee believes that Ethereum, as the first choice chain for Wall Street institutions to tokenize financial assets, will see even greater growth potential for Ether in the coming years.
We believe that Ether is currently severely undervalued. If one can buy into an asset with the potential for a tenfold increase, it is a highly valuable allocation option for corporate finance departments.
The Fundstrat team estimates that the short-term technical target price for Ether is around $4,000, while the 'fair price' is between $10,000 and $15,000, and it may be achieved before the end of this year.
Bitmine Immersion Technologies (stock code BMNR) was previously a Bitcoin mining company but has recently fully shifted to an Ether reserve strategy. The company revealed last week that it has accumulated over 300,000 Ether, including options positions, valued at over $1 billion.
"Optimistic about Ethereum becoming 'Wall Street's darling'! Tom Lee predicts: ETH will soar to $15,000 by the end of the year" This article was first published on (Blockke).
