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Bloomberg Senior ETF analyst Eric Balchunas has defended a recent Ethereum (ETH) prediction from BitMine Chairman Tom Lee. His defense of Lee’s bullish crypto prediction is based on practical outcomes for investors, not on accuracy.
Bloomberg ETF expert shows Tom Lee support
Tom Lee is always bullish about crypto. He has consistently urged investors to buy and hold crypto assets. He recently forecast that Bitcoin (BTC) could surge to $3 million, noting that the coin is not capped by gold.
Despite his bullish stance, critics have noted that Tom Lee’s predictions have been correct only 2 out of 14 times. In 2017, Bitcoin hit $13,860, surpassing the $6,000 target forecast by Lee.
Likewise, Bitcoin rallied toward $28,994 at the end of 2020, beating Lee’s projection of 25,000. However, in subsequent years, Lee’s projections for both Bitcoin and Ethereum did not materialize.
In his defense, Balchunas noted that those who followed Lee, ignored the noise and stayed invested have made a fortune.
Balchunas acknowledged that setting exact targets can be risky and look bad when missed.
However, he emphasized that if someone bets big on a team to win and they win by a smaller margin than expected, it is still a victory.
The Bloomberg analyst disclosed that he does not make big future predictions himself because no one knows the future. Still, he respects that Lee’s optimism paid off for investors who stayed in.
BitMine still confident in Ethereum's outlook
In a recent U.Today report, Lee made a bullish ETH projection. According to the BitMine chairman, ETH could rally toward $12,000 and $15,000 by the end of 2025.
He gave the forecast despite ETH experiencing a downtrend on its price charts. Lee based his projection on the rapid growth of new technological trends, such as AI agents and robotics.
Lee argued that these innovations will create a massive demand for tokenized economies, much of which will likely take place on the Ethereum network.
To demonstrate its confidence in ETH, Bitmine has continued to add the altcoin as a reserve asset. BitMine began accumulating ETH in June 2025 with a $250 million capital raising.
Shortly after this pivot, BitMine climbed to second placespo on the list of the biggest crypto treasury companies. Currently, the company is the largest corporate holder of Ethereum, holding a total of 3,313,069 ETH, valued at about $11 billion.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team