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Tom Lee co-founder of Fundstrat and president of Bitmine has shared new insights on Bitcoin and Ethereum, offering some of his most aggressive long-term price forecasts to date. Speaking about both his career and his outlook on the crypto markets, Lee presented a strong growth narrative for the digital asset space. His comments about Ethereum, in particular, included one of the boldest price scenarios he has ever suggested.
“If Bitcoin Goes to $200,000, Ethereum Can Reach $16,000”
Lee drew attention to the historical ETH/BTC ratio, which averages around 0.08. Maintaining this ratio, he stated that if Bitcoin were to reach $200,000, Ethereum would reasonably rise to around $16,000.
However, he also presented a more extreme scenario:
If Ethereum’s network value eventually matches that of Bitcoin, ETH could reach $250,000.
To strengthen his comparison, Lee referenced OpenAI:
“If OpenAI went public, it would likely receive a $1 trillion valuation. That’s about three times Ethereum’s current value. If Ethereum becomes the dominant blockchain infrastructure, why couldn’t it reach several trillion dollars?”
According to Lee, with ETH still priced near $3,000, the long-term opportunity remains highly attractive.
“The October Crash Was a System Glitch”
Lee commented on the sharp drop that occurred on October 10, describing it as a “glitch.”
He explained that the drop resulted from an incorrect pricing event involving a stablecoin on a single exchange, which triggered an ADL (auto-deleveraging) cascade.
“If the price feed had been composite, no liquidations would have occurred. This was simply a deviation — something that would normally be ignored. But a single exchange triggered a global liquidation cycle.”
Despite this, Lee highlighted Bitcoin’s ability to hold in the $86,000–$92,000 range and Ethereum’s stability near $3,100 as signs of a strong base.
Bitmine Is Accumulating ETH: “We’re Putting Our Money Where Our Mouth Is”
Lee revealed that Bitmine believes Ethereum has already formed a long-term bottom and is therefore accumulating aggressively:
“We’ve doubled the amount of ETH we’re buying compared to two weeks ago.”
With Bitmine holding around 3.7 million ETH, more than all other DATs combined, Lee emphasized that Ethereum is viewed not just as an investment but as a strategic, long-term asset. He added that with staking yields available, there is no rational reason to sell ETH, reinforcing its role as a core treasury asset for the company.
“If Bitcoin Closes Above $126,000 by January 31, the Cycle Is Over”
Lee also touched on the debate around Bitcoin’s four-year cycle. He argued that traditional cycle theory is becoming obsolete due to increased market maturity and rising institutional demand.
“If Bitcoin closes above $126,000 by January 31, the classic four-year cycle narrative will essentially be dead.”
While many analysts expect 2026 to be a weak year, Lee said he believes the opposite — maintaining a strongly optimistic view.
“Next Year Will Be Incredible for Crypto”
According to Lee, the period after 2025 will usher in a transformational era for crypto — not only through Bitcoin’s growth as “digital gold” but through a massive tokenization wave reshaping global finance.
He described this transition as the key turning point for blockchain:
“Moving real-world assets and financial instruments onto the blockchain will trigger a new wave of ownership, construction, and product development.”
Lee emphasized that tokenization could fundamentally transform traditional finance while accelerating institutional adoption, making it one of the most powerful long-term drivers for the crypto market.
Evaluation
Tom Lee’s statements reinforce that the long-term growth narrative for crypto remains strong. With aggressive price targets for both Bitcoin and Ethereum, Lee points to institutional behavior and technological transformation as the primary forces shaping the future. Ethereum’s valuation potential and Bitcoin’s likelihood of breaking traditional cycle patterns will be key themes closely watched by the market.
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