From Tom Lee's numerous interviews, his core logic for long-term optimism about Ethereum can be summarized as follows: 1. Ethereum is the core settlement layer of the future financial infrastructure. ETH is not only a cryptocurrency but also the infrastructure for building and running DeFi, stablecoins, NFTs, on-chain markets, RWA, etc. Especially in RWA, this will be the biggest narrative of the future. Wall Street is putting trillions of dollars worth of assets (bonds/stocks, etc.) on Ethereum. As the dominant settlement layer, Ethereum will generate substantial demand and drive up ETH's value. Tokenization is not short-term speculation but a structural shift that will drive an ETH bull market independent of BTC. 2. Institutional adoption and a mature ecosystem. Currently, approximately 4 million BTC wallets worldwide hold assets exceeding $10,000, while nearly 900 million stock/pension accounts globally hold similar amounts—a difference of over 200 times. In comparison, crypto adoption is still in its early stages; Ethereum's developer community is the strongest; and the Ethereum network is the most robust. Furthermore, unlike BTC, ETH has practical utility, such as staking rewards and DeFi, making it more suitable for long-term institutional holding. 3. Non-Consensus Opportunities. Tom Lee has consistently favored "non-consensus" investments (earning 100x returns on telecom stocks in the 1990s). Many OGs (early adopters) are currently finding crypto "boring" and switching to AI or stocks, but this is precisely because they have matured while the industry is still in its infancy—a new wave of investors is about to flood in. 4. Not Just Talk, But Action. BitMine (BMNR) is the world's largest ETH treasury company, chaired by Tom Lee. BitMine currently holds approximately 3.86 million ETH (about 3.2% of the total supply) and aims to reach 5%. In December 2025, BitMine will continue to buy ETH heavily (even amid price volatility) and has $1 billion in cash reserves plus staking rewards. (Note: Actually, 3.2% is already quite a lot, 5% is slightly more.) Tom Lee's Price Prediction (This part doesn't need to be taken too seriously, after all, price prediction is God's business) • The most "crazy" long-term target: If the ETH/BTC ratio returns to 0.25, ETH could reach $62,000 (extreme scenario, based on a supercycle). • A more realistic 2026 target: $7,000–$9,000 (2026), or even $20,000 (provided there's a tokenization boom). • He believes ETH will have bottomed out by the end of 2025/early 2026. There may be short-term fluctuations, but 2026 will be a "big year" for L1 chains (especially ETH).