Lee noted that a key driver was that the bulk of stablecoin issuance is now happening on the Ethereum network.
Tom Lee, chair of BitMine Immersion Technologies (BMNR) and the Managing Partner at Fundstrat, sees Ethereum’s (ETH) price pushing beyond Standard Chartered’s $7,500 target this year, with a Fed rate cut providing extra momentum.
“7,500 might even be on the low end of what’s possible, I’ve seen many targets of $10,000 to $15,000,” Lee said, according to a CNBC report. “Wall Street needs to find a stable and legally compliant blockchain to work on. The majority of stablecoin creation is taking place on Ethereum. … It is the place where Wall Street is essentially financializing the system.”
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