What if Ethereum was just too early for its own good? And it’s only now that Ethereum’s long term vision of a financial system onchain is being realized?
For lack of a better phrase, Ethereum is certainly not as sexy as it used to be.
Back in 2017 it was the most exciting crypto that had ever existed, arguably even more than Bitcoin. And the ICO mania of 2017 saw Ethereum’s price explode to dizzying heights.
The view was that all investment and capital markets would be built on Ethereum, that our world would be onchain and it was Ethereum’s chain that it would exist on. While not the first ‘smart contract’ blockchain, it had fast become the most successful.
And then the realisation kicked in that traditional finance (TradFi) hated crypto and didn’t want anything to do with it.
Ethereum had proverbially jumped the shark. And while it would go on to hit new price heights in 2021, the vision from its earliest days was long forgotten.
And that’s why ETH trades at the same price it did four years ago.
But what if Ethereum was just too early for its own good? And it’s only now that TradFi are fast becoming full-on crypto degens that Ethereum’s long term vision of a financial system onchain is now being realized?
And if our future is onchain, and on Ethereum… is $10,000 ETH back on the cards?
Notable Investors are Buying This “Unlisted” Stock
When the team that co-founded Zillow and grew it into a $16B real estate leader starts a new company, investors notice. That’s why well-known firms like Maveron invested in Pacaso.
Disrupting the real estate industry once again, Pacaso’s streamlined platform offers co-ownership of premier properties – revamping a $1.3T market.
There are several reasons why I ask this question. And my view is that yes, Ethereum could be primed for a wild run as this cycle unfolds.
First, BitMine Immersion Technologies (NASDAQ:BMNR), a Bitcoin network company made a wild announcement yesterday.
They’ve announced a $250 million private placement to adopt what they’re calling an ‘Ethereum Treasury Strategy.’ And they’ve tapped Tom Lee (yes, that Tom Lee, of Fundstrat and long-time crypto bull) to be their new Chairman of the Board[SV1] .
Now, I’ve covered a lot on Bitcoin Treasury Strategies here, and even recently the SRM Entertainment (NASDAQ:SRM) Tron Treasury Strategy with Justin Sun. But this one, well, it’s the same Saylor playbook, but rewritten for ETH.
In a CNBC interview this week Lee said,
‘The financial services industry and crypto are converging and it really started with stablecoins, which is the ChatGPT of crypto because it’s viral adoption by consumers, business banks and now even Visa,’
‘Underneath the stablecoin industry is Ethereum – that is really the backbone and architecture of stablecoins so it’s important to create a project that accumulates Ethereum to essentially protect and have some influence on the network.’
He’s right.
Yesterday I wrote about Robinhood’s move to launch stock tokens, tokenised equity that’ll trade on their own blockchain. But here's the kicker, that blockchain is built on Ethereum.
Robinhood also rolled out Ethereum staking. And if that’s not enough, the ETH staking ETFs are almost certainly just weeks away from SEC approval.
Then you’ve got the explosion of tokenised treasuries, mostly underpinned by… Ethereum. The trillions in USDC and stablecoins sloshing around crypto, also mostly on Ethereum. BlackRock’s BUIDL fund, built on Ethereum.
The onchain economy, the real DeFi stuff, the meat and potatoes of a new financial system is already being built on Ethereum.
Everything Ethereum promised, and was shunned for so many years, is finally becoming reality.
The Path to $10K ETH
Now, I’m not saying ETH hits $10,000 next week. But I am saying the path is clearer than it’s been in years.
You’ve got institutional infrastructure. You’ve got regulatory clarity (thanks to the new SEC and GENIUS Act tailwinds). You’ve got Ethereum back as the default chain for tokenisation, stablecoins, RWAs, and staking.
And yet, ETH is still around $2,500.
That’s a mismatch I don’t expect to last. Especially not with companies now adopting ETH strategies for their balance sheets. Especially not with ETFs coming. Especially not with the convergence of TradFi and DeFi speeding up by the day.
Bitcoin might be the digital gold. But Ethereum is shaping up to be the digital financial system.
And in that world, $10,000 ETH? That might just be the floor.
Disclaimer: This is a paid advertisement for Pacaso’s Regulation A offering. Please read the offering circular at invest.pacaso.com. Reserving the ticker symbol is not a guarantee that the company will go public. Listing on the Nasdaq is subject to approvals.
