Tom Lee, the chairman of BitMine Immersion Technologies (NYSE: $BMNR) sees the price of Ethereum (CRYPTO: $ETH) eventually reaching $250,000 U.S.
Specifically, Lee has endorsed a $250,000 U.S. Ethereum price target presented in a new Etherealize report.
The report argues that Ethereum’s staking capabilities offers yield similar to interest earned on a bank account and that gives ETH a different value case than rival Bitcoin (CRYPTO: $BTC).
• Ripple, The Company Behind XRP, Is Valued At $50 Billion
The researchers further argue that Ethereum’s Proof-of-Stake model should support stronger long-term network security than Bitcoin mining.
Lee called the report from Etherealize a “fresh and comprehensive take” on Ethereum’s future.
The prominent investor supports the report’s argument that Ethereum could gain value from features that differ from both gold and Bitcoin, including staking and network utility.
The research report estimates a combined market opportunity of about $31.5 trillion U.S. for ETH.
Using Ethereum’s circulating supply of 121 million coins, that math points to a price of about $250,000 U.S. per ETH token.
Of course, Lee has a vested interest in supporting the Etherealize report as BitMine is the largest corporate owner of Ethereum in the world.
BMNR stock has declined 28% this year to trade at $22.59 U.S. per share.