Tom Lee Sees Bullish Crypto Outlook for Next 24–36 Months
Tom Lee sees a bullish crypto outlook over the next two to three years, citing tokenization, Ethereum adoption and ETH’s store-of-value potential.
Key Notes
- Tom Lee expects a bullish crypto outlook over the next 24 to 36 months.
- He cites tokenization and a store-of-value case for ETH.
- Bitmine, which he chairs, disclosed holdings of more than six million ETH.
Tom Lee expects a bullish crypto market over the next 24 to 36 months, arguing that Ethereum’s disappointing price performance obscures a stronger long-term outlook. His case rests on the expansion of tokenized assets and a broader argument for ETH as a store of value.
In an X post, the Fundstrat co-founder and head of research described weakness in ETH as a reflection of investors’ impatience. Lee, who also chairs Ethereum treasury company Bitmine, sees the crypto bull market as being in its early stages.
Tokenization Anchors Lee’s Ethereum Thesis
Lee pointed to continuing progress in tokenization during 2026, with much of that activity centered on Ethereum. Tokenization creates blockchain-based representations of assets such as investment-fund shares and other securities, bringing financial products into infrastructure that can support onchain transfers and settlement.
CryptoNews Australia also reported Lee’s comments, highlighting his argument that visible progress in tokenization provides a counterweight to disappointing ETH prices.
Ethereum is part of a wider institutional push across several networks. Schroders and Centrifuge’s Solana bond strategy, for example, gives investors tokenized exposure through a feeder fund. That expansion illustrates the broader trend, although it also shows that Ethereum faces competition for financial activity.
Lee additionally rejected the idea that artificial intelligence is absorbing all incremental investment capital. In his assessment, enthusiasm for AI leaves room for a sustained advance in crypto.
Buterin’s Store-of-Value Argument Adds Context
Another part of Lee’s case draws on Vitalik Buterin’s recent comments about ETH’s value. The Ethereum co-founder has argued that the asset’s appeal should rest on the network’s durability, decentralization, security and independence from intermediaries.
As CoinScreamer explained in its coverage of Buterin’s argument, that view places less emphasis on transaction-fee burning as the basis for ETH’s valuation. Buterin has questioned whether maximizing fees and burns is compatible with Ethereum’s broader purpose.
The distinction matters for Lee’s thesis. A store-of-value case depends on demand to hold ETH and confidence in Ethereum’s resilience. It does not establish a mechanical relationship between rising network activity, token burns and a higher market price.
Bitmine Has a Substantial Stake in the Outcome
Lee’s outlook comes from an executive whose company has significant exposure to ETH. Bitmine’s latest treasury update put its holdings at 6,070,092 ETH as of November 8, following purchases of 9,587 ETH during the preceding week.
Those are corporate holdings, separate from any personal investments Lee may have. They give his market commentary an important business context: Bitmine’s strategy depends heavily on the asset whose prospects he is defending.
Lee’s two-to-three-year horizon is therefore a forecast about adoption and investor demand. It offers a bullish interpretation of current conditions without establishing when ETH’s price will catch up with that thesis.
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