Fundstrat Global Advisors co-founder Tom Lee has forecasted that Ethereum (ETH) could surpass Bitcoin (BTC) in market capitalization by 2025, a scenario known as the "flippening." In an interview with ARK Invest CEO Cathie Wood, Lee drew parallels to the historical shift in 1971 when U.S. equities overtook gold after the abandonment of the gold standard, often referred to as the "Nixon Shock." Bitcoin's current market cap stands at roughly $2.17 trillion, while Ethereum's is approximately $476.33 billion, making BTC's valuation about 4.6 times larger than ETH's.
Lee, who chairs BitMEX and oversees BitMine's Ethereum accumulation strategy, explained that just as the U.S. dollar's dominance grew post-1971—rising from 27% in GDP terms to 57% of central bank reserves and 80% of financial transactions—Ethereum could benefit from the tokenization of assets. "Dollar dominance is going to be the opportunity of Ethereum," he stated, emphasizing that stablecoins, stocks, and real estate moving onto blockchain platforms would fuel ETH's rise. However, he cautioned that this is a "working theory" and reaffirmed his bullish stance on Bitcoin as digital gold.
Lee also projected that the total cryptocurrency market capitalization could reach $25 trillion by 2030, with Ethereum driving financial innovation through its smart contract capabilities. Adding to the optimistic outlook, analyst Crypto Rover highlighted that Ethereum's 2025 price chart mirrors Bitcoin's 2024 descending wedge pattern, which preceded a major breakout, suggesting a potential explosive rally for ETH. The flippening debate has persisted for years, with supporters like ConsenSys founder Joseph Lubin predicting a 100-fold surge for Ethereum, while skeptics such as Jan3 founder Samson Mow have argued that investors may revert to Bitcoin.
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