Bitmine Buys More Ethereum as ETH Drops Below $2,000; Lee Sees $2M Bitcoin
BMNR•Ethereum’s price dipped under $2,000 for the first time since March 29 as Bitmine ramped up its Ethereum purchases. Fundstrat co-founder Tom Lee reiterated that Bitcoin could reach $2 million if its network value matches gold and insisted the cryptocurrency thesis remains intact despite recent underperformance.
1. Ethereum Price Slide and Bitmine Accumulation
Ethereum’s price fell below $2,000 for the first time since March 29, prompting Bitmine to intensify its Ethereum acquisitions to capitalize on lower market valuations and strengthen its digital asset holdings.
2. Lee’s Supercycle Bullish View
Fundstrat co-founder Tom Lee defended the long-term investment case for Bitcoin and Ethereum, characterizing recent underperformance as temporary and attributing sell-offs to short-term investors abandoning the space prematurely.
3. $2 Million Bitcoin Forecast and Valuation Framework
Lee projected Bitcoin could eventually reach $2 million if its network value rivals that of gold, citing network activity and per-wallet transaction volumes as the primary drivers explaining 87% of Bitcoin’s historical value growth.
