Том Ли предрекает новый виток конкуренции между Ethereum и Bitcoin Translation: Tom Lee predicts a new wave of competition between Ethereum and Bitcoin

The Digital Asset Treasuries sector (DAT) has encountered a correction, as noted by BitMine Chairman Tom Lee in an interview with Fortune.

*»If this isn’t a bursting bubble, then what is it?»* he remarked.

According to the expert, currently 80% of cryptocurrency companies focused on accumulation are trading below the net value of their crypto assets. The market values these firms at less than the tokens they hold.

However, this indicates not a collapse but an increased selectivity among investors, Lee emphasized.

BitMine is the largest corporate holder of Ethereum. Following a recent acquisition of 104,336 ETH, the firm now manages a total of 3.03 million ETH, worth $11.4 billion.

In second place is SharpLink Gaming. The company began amassing the second-largest cryptocurrency by market cap in June and on October 16 announced a $76.5 million stock sale to increase its Ethereum reserves.

The firm has already issued 4.5 million shares priced at $17—12% higher than the previous closing level. Investors have also been granted a 90-day option to purchase an additional 4.5 million shares at $17.5.

Despite optimistic forecasts predicting a 200% growth potential and a successful stock placement, SharpLink’s shares are declining. Over the past month, the price has dropped by more than 14%, and the company’s market cap has fallen below $3 billion, down from $4 billion in August.

As of now, 71 companies have included Ethereum in their reserves. A total of 5.9 million ETH has been accumulated, amounting to $22.2 billion, or 4.8% of the total supply of the asset.

Lee also suggested that the leading altcoin could surpass digital gold in market capitalization. In an interview with ARK Invest CEO Cathie Wood, he drew a historical parallel:

*»Ethereum has the potential to outshine Bitcoin similarly to how Wall Street and stocks eclipsed gold after 1971.»*

The BitMine Chairman referenced the «Nixon Shock»—a series of economic reforms that rendered the US dollar «completely synthetic,» losing its backing by precious metals.

*»Gold was the immediate beneficiary at that time, but Wall Street created products that established the dollar as the dominant currency. By the end of that period, the dollar’s share in global reserves increased from 27% to 57%, and its share in financial transactions reached 80%,»* Lee stated.

At the time of writing, Ethereum’s market cap stands at $458 billion, while Bitcoin’s is at $2.1 trillion.

The dominance of the American currency could present an opportunity for Ethereum through tokenization, Lee added. He believes that as stablecoins grow, more stocks and real estate will be moved onto the blockchain.

It is worth recalling that in September, ConsenSys founder Joseph Lubin expressed a similar viewpoint. He suggested that widespread adoption by institutional players could lead to a 100-fold increase in the value of ETH.