Bitmine chairman Tom Lee is of the opinion that Ethereum is acting with a discount and is currently cheap because the future adoption of the blockchain by Wall Street and AI companies will bring the course much higher. To reinforce that idea, BIT Digital raises 100 million dollars through convertible bonds to buy more Ethereum.
Are the Ethereum companies going again?
Purchasing Ethereum by these companies stopped for a while. That happened after the stock prices made a big smack and started to doubt the idea of ​​companies that exist purely and alone to buy crypto.
Somehow it is of course also strange to buy the shares of a company that are purely focused on purchasing Ethereum. Because why would that be an added value compared to just buying Ethers?
Why would you pay extra for Ethereum to maintain it through a company, in which you cannot even decide to sell your ethers yourself. That realization seems to penetrate a bit in the market.
Previously, Strategy was perhaps an interesting way to buy Bitcoin, because it was difficult for much larger investors to invest directly in the digital currency. With the arrival of all ETFS, that is no longer entirely the case.
Yet there seems to be something of hope for these companies, because they continue to buy through stiffly.
Analysts are Bullish
In the short term, analysts will in any case become bullish again about Ethereum. Among them is also the pseudonymous Tyler, who dared to the character Tyler from the book Fight Club.
He calls the monthly graph of Ethereum “one of the best graphs in the entire financial world.”
In the comments, people share Tyler’s opinion. “I think this graph shouts that a movement is coming up,” said VBL’s Ghost in response to Tyler’s analysis.
At Bitmine itself, they also believe that the current course action of Ethereum is not bearish. Can we still hope for a recovery movement of the number two in the market and finally a new all-time high?
After all, for the time being the all-time high of November 2021 is still on the signs. It would be pretty bad for Ethereum’s reputation if it stays for this market cycle, and investors may have to wait another four years for a new price record.
Source: https://newsbit.nl/tom-lee-ethereum-handelt-met-grote-korting-op-de-toekomst/
