The treasury strategy for Ethereum (ETH) has seen a huge boom recently, with BitMine Immersion Technologies becoming the largest institutional ETH holder.
The company holds more than $2 billion worth of Ethereum.
BitMine Chairman Tom Lee's “Executive Message” video series, designed to inform investors about Ethereum's long-term bullish potential, has released an incredible price prediction for ETH.
At this point, BitMine claimed that the Ethereum price could be $60,000 based on reliable research from numerous firms.
In its post, Bitmine stated that they consulted with numerous research firms to estimate Ethereum's potential value. The firms used a “reserve value” model to assess Ethereum's value in terms of payment systems and payment volumes, and estimated the total network value to be $7 trillion.
Since Ethereum currently has a network value of only $0.4 trillion and a price around $3,800, the analysis suggests that Ethereum has the potential for an 18x increase and its price could be around $60,000.
While this prediction aligns with the company's ETH treasury strategies, it's not considered an achievable price target in the short term, as Tom Lee predicts Ethereum could reach around $15,000 by the end of the year.
*This is not investment advice.
