Tom Lee, President of Bitmine Immersion Technologies, recently delivered a keynote speech at Paris Blockchain Week with an optimistic message: the recent crypto market downturn is just a "mini crypto winter," and the worst may be over.
According to Lee, the stock market Dip amid a barrage of bad news, from trade tensions to the US-Iran conflict. What he considers "unusual" is that this crypto correction wasn't accompanied by a broader bear market in the stock market, signaling that the resilience of digital assets is improving compared to previous cycles.
Lee's most noteworthy prediction is about Ethereum: he believes ETH will break out of its current "large-scale accumulation" phase and could reach over $60,000 in the next few years, driven by two main factors: the wave of asset Tokenize and the explosion of Ethereum-based AI agents.
In terms of valuation, Lee argues that $62,000 is a reasonable price if Ethereum achieves a quarter of Bitcoin's long-term value, an argument based on the historical correlation between the two largest assets in the market.
Lee's statement comes at a particularly sensitive time: Bitmine just announced an unrealized loss of $3.82 billion in the first quarter due to the sharp drop in ETH prices. The company currently holds approximately 4.6 million ETH – representing 4.04% of the total supply – at an Medium purchase price of $3,660/ ETH, while the current ETH price is only around $2,351.
