On November 16, Tom Lee, govt chairman of Bitmine Immersion Applied sciences (BMNR), head of analysis at Fundstrat International Advisors, and chief funding officer at Fundstrat Capital, stated in a publish on
He famous that Bitcoin has had six drawdowns of greater than 50% and three drawdowns of greater than 75% previously eight and a half years, arguing that the cryptocurrency's volatility displays the market “discounting an enormous future” and that buyers wanted to carry out for a “second of survival.”
This name provoked a backlash. A outstanding Bitcoin influencer referred to as “Bitcoin Therapist” requested how Ethereum presents utility “that tons of of different cash don't have,” questioning Ethereum's moat past market penetration and whether or not conventional finance can actually commerce on Ethereum's rails 24/7. “I don’t need my property on the Ethereum blockchain,” he wrote.
Lee didn’t present any timing targets or metrics for ether idea, solely warning that “the trail to higher heights will not be a straight line.” His feedback prolong the long-term view that the crypto cycle rewards endurance, however with short-term extreme drawdowns.
Wanting ahead, the continued progress of on-chain exercise on Ethereum and its Layer 2, in addition to expanded institutional use instances, will assist take a look at the idea.
