Tom Lee

So if anyone is trying to liquidate their crypto holdings, and there has been capitulation, people saying, I'm really done with crypto entirely.

So they're going to sell their Bitcoin and Ethereum.

And I think we're in that phase.

The difference, I think, is that Ethereum actually does have measurable activity that we can look at.

We can look at wallets opened and created, transactions done on the Ethereum network

or even the amount of assets created on the blockchain, which is called real-world assets or total value locked, those have actually all been rising and actually going up parabolically because Ethereum is benefiting from Wall Street's focus on tokenization.

Tokenization is the idea that Wall Street wants to redo parts of its business

on a public blockchain because it actually speeds up the product and it reduces delays.

It's what they call finality.

And so Ethereum's really benefited from that.

We know just for instance this year alone, BlackRock has announced its further support of creating a common blockchain.

We know that the NYC is tokenizing its assets and they are working with public blockchains to implement that.

And we know Fidelity launched its own investment fund on the Ethereum blockchain.

So I think there's a lot of actual, strangely, and maybe this is going to bother some original crypto people, but Wall Street is really embracing Ethereum.

I think it is correct to say that everything I've described gives Bitcoin a narrative problem.

Because people are going to say, oh, well, in the last year, it hasn't been a great store value.

It didn't save me when geopolitical uncertainty rose.

It didn't save me when we got uncertain about this new Fed.

And of course, in the back of people's minds is...

This idea of quantum risk are growing for Bitcoin.