Tom Lee’s Ethereum Bull Thesis Slammed As ‘Financially Illiterate’

Ethereum (CRYPTO: ETH) is down 10% over the past month, raising questions about its near-term upside and the validity of Tom Lee’s lofty upside targets.

What Happened: Mechanism Capital founder Andrew Kang argued on X that Lee’s Ethereum thesis is deeply flawed and “financially illiterate.”

Kang underpins his rebuttal with the following arguments:

• Stablecoin & RWA adoption: Ethereum fees haven’t scaled proportionally to growing transaction volumes, as network activity shifts to other chains like Solana (CRYPTO: SOL) and Arbitrum (CRYPTO: ARB).
• Digital oil comparison: ETH may resemble a commodity, but this is not inherently bullish. Historical commodity price behaviour …

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