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Will ETH Price Reach $60K? Tom Lee’s Bitmine Thinks So
The cryptocurrency market has experienced a significant surge in recent months, with Ethereum (ETH) being one of the top performers. Prices have skyrocketed 150% since their April lows below $1,500 to come just shy of $4,000 this week. The massive move has been driven by institutional exchange-traded products and a new wave of treasury companies scooping up the asset.
In a recent presentation titled “The Alchemy of 5%”, Tom Lee’s ETH treasury firm Bitmine Immersion Technologies has posted its first presentation, which includes some astonishing predictions. According to their analysis, several research firms have assigned an implied value of $60,000 per unit to Wall Street for ETH, citing the asset’s growing adoption and potential long-term value.
The report highlights that ETH is considered “digital oil” by industry experts, with a potential market capitalization of $85 trillion in the long run. Furthermore, Bitmine’s net asset value per share has skyrocketed six times over the past 18 days due to its accumulation of ETH. This surge is staggering, as the firm’s share price (BMNR) has increased a whopping 724% since it announced its pivot to Ethereum at the end of June.
As the largest corporate Ethereum treasury firm in the world, with an impressive portfolio of 566,800 ETH worth around $2.12 billion at current market prices, Bitmine holds 0.47% of the entire supply of the asset and has accumulated more than what has been produced this month.
Despite these lofty price valuations, Ether has retreated slightly today as crypto markets cool off again. However, even with a 2.5% dip to $3,780 at the time of writing, many analysts believe that sustained buying pressure from ETFs and corporations will propel prices higher in the long run.
As always, it is crucial for investors to conduct their own research before making any investment decisions.
Source: cryptopotato.com
