Lee Sees Ethereum Surpassing $10,000 in Next Few Years

Tom Lee believes Ethereum's (CRYPTO: ETH) price could easily exceed $10,000 in the next few years. The renowned cryptocurrency analyst made this prediction on the Bankless podcast, citing several factors that will drive up demand for ETH.

Lee also discussed BitMine Immersion Technologies (NASDAQ: BMNR), a company that aims to own 5% of Ethereum's total supply. According to Lee, BitMine has already acquired around 97% of the way towards this goal, holding approximately 5.82 million ETH worth $350 million less than its target.

BitMine has been purchasing Ethereum for over 60 consecutive weeks but has slowed down in recent times due to discussions with the Ethereum Foundation. The company currently divides its capital between ETH purchases and share buybacks, judging which offers better prospective returns.

Lee sees little reason for BitMine to sell its ETH holdings, as staking rewards already cover the company's preferred-stock dividend obligations. Instead, the company is likely to explore additional ways to generate returns from its holdings.