BitMine Chairman Tom Lee Says Ethereum Could Reach $50,000 in This Bull Run

Ethereum could climb as high as $50,000, according to Tom Lee, chairman of BitMine.

A Token2049 video released on October 10 showed Lee saying in a conversation with Ondo Finance that Ethereum has traded in a similar price range for the past five years. The longer a price remains stagnant, the larger the eventual upside move can be, he said. In this bull run, Ethereum’s ultimate target is $50,000, he added.

Lee cited growth in the tokenization market, which has recently drawn attention, as a key catalyst for Ethereum. As more traditional financial assets such as stocks and bonds are tokenized, Ethereum’s role as infrastructure will grow, he said. He also projected that Ethereum could climb past $5,000 by the end of this year.