Tuesday, 02 January 2024 12:17 GMT

Joe Lubin: ETH Set For 100X Rally As Wall Street Dives Into Defi


(MENAFN- Yolo Wire) Ethereum co-founder Joseph Lubin has predicted that %Ethereum (CRYPTO: $ETH) could skyrocket by 100 times or more from its current levels. This optimistic forecast comes as traditional finance giants on Wall Street increasingly embrace decentralized finance (%DeFi ) and Ethereum's infrastructure. Lubin, who also founded ConsenSys, shared his views in a recent X post, aligning with market analyst Tom Lee's insights on institutional adoption.

Lubin argues that Wall Street firms will stake ETH en masse because Ethereum is poised to replace outdated, siloed financial systems. Institutions like JPMorgan (NTSE: $JPM), with years of experience in blockchain, will transition to decentralized rails, involving staking, running validators, and engaging in DeFi protocols. He dismisses concerns about Layer 2 solutions cannibalizing Ethereum's base layer, pointing to innovations like Linea's Proof of Burn as momentum-builders. Furthermore, Lubin envisions Ethereum flipping Bitcoin's market dominance, positioning ETH as the "gold standard in decentralized trust."

This prediction aligns with growing institutional interest, including spot ETH ETFs and %Stablecoin legislation, which could accelerate adoption. If realized, a 100x rally from ETH's approximate $2,500 price would propel it to $250,000, potentially reshaping global finance by making DeFi the new standard.

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