Tom Lee, executive chairman of BitMine Immersion Technologies and head of research at Fundstrat, believes ether may be entering a multiyear growth phase similar to the “supercycle” he long associated with bitcoin. In a recent post on X, Lee said Ethereum is “starting down the same path” that helped propel BTC to a 100x gain since his 2017 call.
To support the comparison, Lee pointed to bitcoin’s history of extreme volatility. Over the past eight and a half years, BTC has endured six corrections of more than 50% and three deeper than 75%. He argued that these severe pullbacks were part of a market attempting to price in enormous future potential — and that long-term investors had to withstand moments that felt existential.
His comments drew immediate criticism from a prominent Bitcoin influencer known as “The Bitcoin Therapist,” who questioned Ethereum’s unique value proposition. The critic argued that ETH lacks clear differentiation from competing smart-contract platforms and expressed skepticism that traditional finance would ever rely on Ethereum’s infrastructure for round-the-clock settlement. “I would never want my assets on the ethereum blockchain,” he said.
Lee did not lay out specific timelines, price goals, or valuation parameters for his thesis. Instead, he repeated that any major move higher will involve significant turbulence along the way.
Ultimately, whether ether can follow a bitcoin-style trajectory will depend on sustained growth across Ethereum’s base layer, continued expansion of Layer-2 networks, and credible traction among institutional users — key elements that will determine if Lee’s supercycle argument holds up.
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