Consensys founder Joseph Lubin says massive Wall Street adoption of Ethereum could eventually push Ether ($ETH) to surge 100x in value and even surpass Bitcoin as the leading “monetary base.”
In an X post on Saturday, the Ethereum co-founder said that Wall Street will stake Ether because they currently pay for their infrastructure and Ethereum will “replace much of the many siloed stacks they operate.”
He noted that he is “100% aligned” with Tom Lee, the managing partner at Fundstrat Global Advisors, who argued in August that major financial institutions will increasingly stake and use Ethereum. Lee also suggested $ETH could overtake Bitcoin in overall network value.
At the moment, Ethereum’s market capitalization is still only about one-quarter the size of Bitcoin’s. However, Ethereum’s market share has doubled since April and now sits at 14.3%, according to TradingView.
Lubin Doubles Down on Ethereum’s Potential
Lubin, who also chairs Sharplink Gaming, the second-largest holder of Ethereum’s treasury, said Lee is “not nearly bullish enough” about ETH’s potential.
“Trust is a new kind of virtual commodity. And $ETH, the highest octane decentralized trust commodity, will eventually flippen all the other commodities on the planet.” Joseph Lubin
Backing this optimism, new data from Token Terminal shows that the supply of stablecoins on Ethereum has exceeded $160 billion, an all-time high and more than twice the amount recorded in January 2024.
Over the weekend, Ether briefly climbed close to the $4,500 mark before pulling back to trade below $4,400 on Monday morning.
