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BitMine Chair Tom Lee doubled down on his bullish Ethereum (ETH) stance, making a huge projection for the asset. The pro-crypto executive believes Ethereum could displace Bitcoin (BTC) as the largest crypto asset by market cap. While unlikely in the short term, some analysts pointed to some gains, while others restated Bitcoin’s growing dominance. 

In a recent interview with Ark Invest CEO Cathie Wood, Lee stated that Ethereum has the potential to surpass Bitcoin’s market capitalization, comparing the scenario with how US equities overtook gold. Drawing similar lines with the rise of the stock market, he painted the picture of a sustainable bull run for the top altcoin.

At the time of writing, Bitcoin’s market cap is 4.6 times larger than Ethereum, making such a rise unlikely in the near future. Ether’s market cap stands at $467 billion, while Bitcoin is above the $2 trillion mark. Even if Ethereum gains bullish traction to surpass five times its current value, it will not outpace Bitcoin due to recent inflows. 

This year, Bitcoin continues to outperform other assets due to inflows from traditional capital sources, including spot ETFs in the United States and digital asset treasury companies. The leading crypto has smashed multiple all-time highs, going above $125K per coin. These gains have made a significant drop in market cap unlikely. Furthermore, Bitcoin bulls like Michael Saylor are also pitching more acquisitions in the coming months.

For Lee, Ethereum’s growth will be similar to the dollar after President Richard Nixon made the currency “fully synthetic.” As a result, Wall Street floated products that made the dollar stronger, detaching itself from gold.

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“Wall Street created products that made the dollar dominant, and the market cap of equities today is 40 trillion compared to 2 trillion for gold. Dollar dominance by the end of that period went from 27% in GDP terms but to 57% of central bank reserves, and 80% of financial transactions, quotes… Dollar dominance is going to be the opportunity of Ethereum.”

With more investments, Lee opines that more value will flow to the Ethereum blockchain in terms of stablecoin, stock, and real estate. The network is already the largest smart contract blockchain and key to the decentralized finance market. Tom Lee controls BitMine’s ETH treasury strategy and eyes 5% of the asset’s total supply.