Tom Lee Calls Ethereum A 1971-Style Gold Moment As ETH Hits New All-Time High, Says ‘Very High Probability’ Of Flipping Bitcoin
Wall Street strategist Tom Lee is drawing parallels between Ethereum (CRYPTO: ETH) and the 1971 abandonment of the gold standard, predicting a “very high probability” that the cryptocurrency will eventually flip Bitcoin (CRYPTO: BTC) in market value.
Check out the current price of ETH stock here.
Lee, newly appointed Chairman of BitMine Immersion Technologies Inc. (NYSE:BMNR), noted in an interview with The Compound that when the United States abandoned the gold standard in 1971, many focused on gold, but Wall Street emerged as the real winner.
The comments come as cryptocurrency markets rallied on Friday following dovish remarks from Federal Reserve Chair Jerome Powell, who signaled potential interest rate cuts in September.
Check out the current price of BTC stock here.
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