"2025 is very much like a new 1971."
At the TOKEN2049 event in Singapore, Wall Street strategist and Fundstrat co-founder Tom Lee @fundstrat made a significant statement:
A macro turning point is approaching, Wall Street, AI, and blockchain are converging, and the next structural moment may be upon us.
Lee looked back at the wave of financial engineering after the dollar's decoupling from gold in 1971, believing that today's tokenization and stablecoins are replicating this historical logic.
The American GENIUS Act, "Project Crypto," and the Bitcoin Strategic Reserve Act are building an institutional foundation for "rebuilding Wall Street on the chain." And the biggest beneficiary, he said directly, is Ethereum.
In terms of the pricing framework, Lee pointed out that if gold breaks through $4,000.00/ounce, Bitcoin can reach $140,000.00 based on 10% of gold's valuation; if the market value approaches gold, it will be at the million-dollar level.
He further emphasized that stablecoins and RWA are the long-term main line: the market value of stablecoins may expand to $4.00 trillion, holding more than one trillion in US debt, which will become the world's largest "creditor" and promote corporate profits due to on-chain settlement efficiency.
And Ethereum is the cornerstone of all this.
He said that the ETH/BTC ratio is currently 0.036, far lower than the long-term average of 0.047 and the high point of 0.087 in 2021; if Bitcoin is $250,000.00 by the end of the year, the reasonable range for ETH may be between $12,000.00 and $22,000.00, and it is even expected to reach $62,000.00. "2025 is Ethereum's 1971 moment," Lee emphasized.
In terms of capital market strategies, he cited MicroStrategy's 25x stock price increase as an example, pointing out that Digital Asset Treasury companies (DATs) can achieve excess returns through "additional issuance for currency + pledge ecology," and disclosed that BitMine, where he serves as chairman, is implementing this strategy.
He also responded to "whether Solana and others still have a stage": the future on-chain economic volume may reach $100.00 trillion, and there will not be only one chain surviving, "don't be too tribal."
As for how to get through the bear market?
Lee's discipline is: keep the balance sheet clean, without leverage; continue to increase "Ethereum held per share." Even if the stock price retraces in the short term, the intrinsic value will still rise in the long term.
His conclusion is: Bitcoin is still the anchor of value, but Ethereum will become the main venue for tokenization and innovation, and Wall Street will redo finance on the public chain.