What is the investment logic of Tom Lee, the "brainless bull"?

From Tom Lee's numerous interviews, we can roughly discern his core logic for his long-term optimism about Ethereum: 1. Ethereum is the core settlement layer of the future financial foundation. ETH is not only a digital currency but also the infrastructure for building and operating DeFi, stablecoins, NFTs, on-chain markets, RWA, etc. Especially in RWA, this will be the biggest narrative of the future. Wall Street is putting trillions of dollars worth of assets (bonds/stocks, etc.) on Ethereum. As the dominant settlement layer, Ethereum will generate substantial demand and drive up the value of ETH. Tokenization is not short-term speculation but a structural shift that will drive a bull market for ETH independent of BTC. 2. Institutional adoption and a mature ecosystem. Currently, approximately 4 million BTC wallets worldwide hold assets exceeding $10,000, while there are nearly 900 million stock/pension accounts globally holding similar amounts—a difference of over 200 times. In comparison, crypto adoption is still in its early stages; Ethereum has the strongest developer community; and the Ethereum network operates most stably. Furthermore, unlike BTC, ETH has practical utility, such as staking rewards and DeFi, making it more suitable for long-term institutional holding. 3. Non-consensus opportunities. Tom Lee has consistently favored "non-consensus" investments (earning 100x on telecom stocks in the 1990s when he was young). Many OGs (early adopters) currently find crypto "boring" and are switching to AI or stocks, but this is precisely because they have matured while the industry is still in its infancy—a new wave of investors is about to flood in. 4. Not just talking the talk, but walking the walk. BitMine (BMNR) is the world's largest ETH treasury company, chaired by Tom Lee. BitMine currently holds approximately 3.86 million ETH (about 3.2% of the total supply) and aims to reach 5%. In December 2025, BitMine continued to buy large amounts of ETH (even with price fluctuations) and has $1 billion in cash reserves plus staking rewards. (Note: 3.2% is already quite a lot, 5% is slightly more.) Tom Lee's price prediction section (this part doesn't need to be taken too seriously, as price prediction is God's business) • The most "crazy" long-term target: If the ETH/BTC ratio returns to 0.25, ETH could reach $62,000 (extreme scenario, based on a supercycle). • A more realistic 2026 target: $7,000–$9,000 (2026), or even $20,000 (assuming a tokenization boom). • He believes ETH bottomed out by the end of 2025/early 2026, and while there may be short-term volatility, 2026 will be a "big year" for L1 chains (especially ETH).