Tom Lee

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.

So it does raise that narrative question.

But the one thing that we do know now is that both Bitcoin and Ethereum have had a huge drawdown.

Ethereum's fallen 60%.

That's the eighth time in eight years.

So they're both super volatile assets.

It's a little bit like when someone says...

I want to own MAG-7.

So let's say someone says, I have geopolitical uncertainty, and this time gold really worked.

And there's times when someone's buying MAG-7 and they want to buy AI, only three of the seven names are working.

I do think we just have to be mindful that 2026 hasn't played out yet.

So if Bitcoin...