Tom Lee Says Ethereum Firms Are ‘Elite Of Wall Street’ — Is His Bullish $9000 Prediction Possible?

Key Takeaways

• Tom Lee says Ethereum is attracting the “venerable and elite of Wall Street,” but volition it assistance his bullish terms prediction?

• Amundi deployed connected nationalist Ethereum without consultation, joining BlackRock and Franklin Templeton successful choosing the network.

• Analysts are unsure astir Lee’s bullish $9,000 terms target.

Fundstrat co-founder Tom Lee said large fiscal institutions gathering connected the Ethereum blockchain correspond “the venerable and elite of Wall Street,” fueling caller statement implicit whether increasing organization adoption could enactment his semipermanent bullish terms people of $9,000.

In comments posted connected X, Lee highlighted that Europe’s largest plus manager, Amundi, had launched a tokenized money connected Ethereum.

“The database of institutions gathering connected Ethereum is the venerable and elite of Wall Street,” Lee wrote.

Adding: “The latest is Amundi… Europe’s largest plus manager is launching a tokenized money connected Ethereum.”

Lee’s remarks travel a broader organization displacement toward nationalist blockchains, with plus managers experimenting with tokenization arsenic regulators and investors lukewarm to integer infrastructure.

James Smith, caput of ecosystem astatine the Ethereum Foundation, underscored the value of Amundi’s move, saying the plus manager had deployed connected Ethereum without fanfare.

“A €2.2 trillion plus manager called Amundi conscionable launched a tokenized money connected Ethereum,” Smith posted.

Smith added that Amundi’s standard exceeds large U.S. plus managers: “They’re bigger than Fidelity’s plus absorption arm. Bigger than PIMCO. Number 1 successful Europe, apical 10 globally.”

Adding: “And they chose nationalist Ethereum. Not a backstage chain. BlackRock chose Ethereum. Franklin Templeton chose Ethereum. Amundi chose Ethereum.”

Ethereum is progressively being seen arsenic the preferred blockchain for ample institutions experimenting with real-world plus tokenization, thing that Tom Lee believes volition yet pb it to pb it to caller heights.

Lee’s institutional-adoption remarks coincide with his latest bullish terms forecast.

Despite the crypto marketplace continuing to bleed, Lee said Ethereum’s pullback volition beryllium followed by a large upside.

“In the near-term, determination is downside to $2,500, but that is insignificant compared to the upside,” helium said. “We deliberation that ETH tin beryllium $7,000 to $9,000 by the extremity of January.”

At the clip of report, Ethereum is trading astir $2,843, marking a alteration of implicit 5%.