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A fund manager has turned heads with an unmatched long-term price prediction for Ethereum.

“ETH goes to $1.5M over time,” EMJ Capital founder Eric Jackson said Sunday in a thread on X. The prediction would be ambitious even for Bitcoin, the largest cryptocurrency asset by market capitalization.

Jackson’s reasoning is tied to “commerce” moving from fiat to blockchain rails, citing the growth potential of the stablecoin and tokenization sectors dominated by Ethereum. He said while all eyes are on Bitcoin, “Ethereum is quietly becoming the dominant rail system to transact in crypto with deflationary economics.”

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Stablecoins and, more broadly, tokenization have emerged as the primary narratives for ETH in recent weeks as the U.S. advances stablecoin regulations. The narrative also gained momentum from Robinhood’s (NASDAQ:HOOD) decision to launch tokenized stock trading on the Ethereum Layer 2 Arbitrum.

Several experts have pointed out that both sectors have the potential to bring trillions of dollars on-chain. For example, Bitwise investment chief Matt Hougan recently said that even a 5% penetration into the $257 trillion stock and bond market would be bigger than any present cryptocurrency application, including Bitcoin.

The expectation has been that such volumes moving on-chain could have significant price implications for ETH and other related assets. But unlike Jackson, most analysts have shied away from offering specific price projections.

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Meanwhile, Jackson’s short-term projections, while not in the millions, are no less ambitious. He said ETH could surge to $10,000 in the base case and $15,000 in the bull case in the present market cycle.

Jackson based this short-term outlook on expectations that the Securities and Exchange Commission could approve staking features for spot Ethereum exchange-traded funds before October.

“Most people think the ETH ETF approval is already priced in and it’s been a big bust vs. BTC (in terms of assets for ETHA vs. IBIT),” he said. “It’s not. The real catalyst is still ahead: staking approval, expected before October. Once that hits, ETH becomes the first yield-bearing crypto ETF in U.S. history.”