Joe Lubin Seconds Tom Lee’s Forecast on 10x Ethereum Price Potential

The global crypto community has been in the spotlight recently as it smashed a new historic price peak since the crypto rally of late 2021. Traders and analysts had been discussing for months whether ETH would be able to finally break out and start rallying. Some, like Fundstrat’s Tom Lee, even firmly predicted Ethereum reaching $10,000 in the future.

This week, an Ethereum co-founder and ConsenSys creator, Joe Lubin, has made a bold and bullish prediction, saying that Ethereum could rise as high as 10x from its current price. Here, Lubin’s prediction aligned with Tom Lee’s view on Ethereum’s future potential as a blockchain platform, which he shared in a recent interview.

Lubin stands with Tom Lee on Ethereum 10x forecast

On August 30, Joe Lubin published a tweet to support Fundstrat’s Tom Lee. The latter argued that Ethereum could eventually flip Bitcoin in terms of network value. Lee stated that not only are treasury companies stacking Ethereum right now (like Tom Lee’s Bitmine), but he also suggested that Wall Street is going to stake ETH.

Therefore, once it faces a much wider adoption from financial institutions, Ethereum may show an enormous upside growth. Besides, Lee rejected the idea that Ethereum is likely to benefit only from layer-1. He believes that this narrative is likely to be shattered soon, with Ethereum layer-2 solutions rising in utility and value fast and gaining traction, along with the demand for decentralized finance (DeFi) expanding fast in the near future.

Tom Lee stressed that Ethereum will not only be about Wall Street going digital and using DeFi, but also about AI and the US government’s focus on global AI dominance.

Meanwhile, after Bitcoin treasury companies, another trend has emerged – firms that began betting on Ethereum and accumulating ETH to store in their treasuries. Tom Lee is linked to one of those companies, Bitmine, and it has been stacking ETH actively as of late. Recently, Bitmine acquired another $21 million worth of the second-largest crypto. In total, this company is holding 1.72 million ETH valued at $7,701,390,864 at the current ETH/USD exchange rate.

Another large player that has recently made a large bet on Ethereum was Jack Ma. His company, Yunfeng Financial Group Limited (YFGL), acquired 10,000 ETH as a treasury asset. Both companies are making an astounding bet on Ethereum’s long-term value. Bitmine began accumulating ETH before it reached a new all-time high, while Jack Ma’s firm bought it earlier this week.

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Lubin elaborates on ETH 10x forecast

In Lubin’s view, Ethereum is bound to rocket in price, not just as a mere cryptocurrency in the overcrowded crypto space. He reckons that Ethereum will serve as the base layer of the next generation Internet. It will provide a decentralized infrastructure for financial transactions, various payment solutions, smart contracts, NFTs, gaming, and protocols working with AI. Besides, he expects such juggernauts as JP Morgan to go on-chain using Ethereum and all of Wall Street to start transferring their assets – stocks, bonds, etc – into a digital form, i.e., tokenise them.

A similar view was recently expressed by Coinbase’s former top executive Nick Tomaino. He tweeted that Ethereum is going to become “the future of the S&P 500.” For these experts, ETH is the future fuel of the digital economy that now starts to unveil its full power.

For Lubin, the Ethereum price increasing 10x is not hyperbole. It is rather a logical aftermath of its increasing potential and role in the global markets, as the global economy just starts to expand in the digital space. According to Ripple’s forecasts, by 2030, roughly 10% of all global assets will be tokenized, and this market is expected to reach more than a dozen trillion dollars in value. Therefore, Ethereum, as well as other blockchain platforms aimed at tokenizing assets, may come in handy here.

In the meantime, Ethereum spot ETFs continue to absorb exceptionally large inflows – more than $1.25 billion over the past week, with BlackRock’s ETH leading this race. It currently holds 3,777,263 ETH worth $16.59 billion.

When Tom Lee said that Ethereum could flippen Ethereum in terms of network value, he said that if Bitcoin could reach $1 million per coin, ETH could go much higher and surpass such mega-giants as Apple and Microsoft. Lee stated that he and Lubin are in a constant dialogue as they are trying to promote ETH as a treasury asset for Wall Street and financial institutions outside of it. This makes Ethereum a valid asset for many institutional investors.

Ethereum still faces hurdles ahead

Still, there is a certain share of skepticism about the forecast of Ethereum 10x gains. The network continues to face various challenges, such as, high gas fees at peak activity, competition with faster and cheaper chains, such as Solana, as well as regulatory uncertainty. Cheaper and faster solutions of Solana, Avalanche, etc, could pose a serious rivalry to Ethereum.

While the US government and regulators have embraced Bitcoin, Ethereum might still be classified as a security, not a commodity like Bitcoin. Besides, while the SEC so far seems to be friendly towards DeFi and all Ethereum use cases, in the near future, this may change.

Still, while skeptics and Bitcoin maxis continue to mock ETH and predict a crash against Bitcoin, enthusiasts continue to bet on ETH, closely following such ETH advocates as Tom Lee and Joseph Lubin on social media, listening to their every word about Ethereum’s wonderful prospects and rallies.