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Wall Street permabull Thomas Lee of Fundstrat Global Advisors has endorsed a $250,000 price target for Ethereum, calling a related report a “fresh and comprehensive take” on the cryptocurrency’s future.
The report argues that Ethereum could eventually absorb a monetary premium currently associated with gold and Bitcoin. It frames this as a $31.5 trillion combined premium.
Using an estimate of roughly 121 million ETH in circulation, the report’s math implies that capturing the $31.5 trillion premium would translate into a price of over $250,000 per coin.
The report draws a comparison between Bitcoin’s future and the late-19th-century demonetization of silver. It argues that Bitcoin faces a potential security challenge as mining rewards shrink with each halving.
By contrast, the report points to Ethereum’s Proof-of-Stake (PoS) security model, which it says scales with the asset’s price. Under this framework, the report argues that an attacker would need to acquire and risk billions of dollars’ worth of ETH, which would be slashed (destroyed) by the protocol during an attack.
The report states that stakers can earn an annual yield of 2% to 4%, generated from network transaction fees and protocol issuance. It also argues that staking ETH does not require trusting a third party to remain solvent, which it says reduces counterparty risk.
The report characterizes the two security approaches as fundamentally different, stating: “One model inefficiently destroys resources, while the other compounds them... ETH is the first asset in history that is both [productive and a bearer asset].”
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