In a recent post on social media platform X, Ethereum co-founder Joseph Lubin argued that Wall Street is currently paying for a fragmented infrastructure system, and Ethereum will eliminate much of this fragmentation. “Large financial corporations like JPMorgan will soon have to join the decentralized infrastructure,” emphasized Lubin.
According to Lubin, this means that financial “giants” will participate in staking, operate validators, manage Layer 2 and Layer 3 networks, develop smart contracts, and engage in DeFi. He also dismissed concerns that Layer 2 networks would weaken the Ethereum mainnet.
Notably, the Ethereum co-founder predicted that the price of ETH could increase by 100 times its current value, or even more. “Ethereum/ETH will surpass the monetary base of Bitcoin/BTC,” Lubin stressed. This raises the prospect of Ethereum becoming not only the leading blockchain platform in terms of technology but also potentially the strongest digital asset in terms of market capitalization.
In fact, ETH has been the focus of crypto investors recently. Since the beginning of April, the digital currency has tripled in value, surpassing its historical peak from 2021 before adjusting. In this context, some whales are tending to switch from holding BTC to ETH.
On-chain analytics company Lookonchain, which tracks whale wallet addresses, reported that this wallet sold 2,000 BTC (equivalent to $215 million) to acquire 48,942 ETH on Monday. Earlier on Sunday, Lookonchain also announced that another whale had sold 4,000 BTC to buy 96,859 ETH within a 12-hour period. In total, this Bitcoin whale has invested in 886,317 ETH, equivalent to nearly $4 billion at the current market price.
It can be seen that, in the last few years, while BTC has maintained its long-term uptrend and continuously set new peaks, ETH has fluctuated quite erratically and without a clear trend. However, the situation is expected to change as Ethereum’s applications are increasingly gaining recognition.
In a recent interview on Fox Business, Jan van Eck, CEO of VanEck, affirmed that Ethereum (ETH) is Wall Street finance’s top choice, capturing the interest of major banks and financial institutions. According to Jan van Eck, Ethereum has become an integral part of the modern financial system.
Ethereum’s strength lies in its smart contracts and staking mechanism, providing practical applications for financial institutions. As a result, Ethereum is being used for stablecoin payments, DeFi projects, and asset tokenization. Additionally, companies holding ETH are not only reserving it but also staking it to generate stable income.
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