Key Takeaways
- Joe Lubin says Ethereum’s financial uses strengthen its appeal as a store of value alongside Bitcoin and gold.
- His earlier 100× forecast implies roughly $440,000 per ETH, based on prices at the time of the prediction.
- Reaching $440,000 from $2,011 would require 21,774% upside.
Ethereum co-founder Joe Lubin has put Ethereum’s investment case back in the spotlight, arguing that its uses across blockchain finance give it advantages beyond the wealth-preservation role of Bitcoin and gold.
The latest comments have put his previously wild Ethereum call back into the spotlight, when he suggested Ethereum could rise 100 times — a multiplier implying roughly $440,000 when applied to a reference price from the period.
Lubin Makes Ethereum’s Case Against Bitcoin and Gold
In his Nov. 11 post, Lubin argued that inflation and economic instability would increase the importance of holding assets that preserve purchasing power.
He acknowledged gold and Bitcoin’s monetary appeal, describing them as “high-powered money,” before adding:
“ETH goes further.”
Lubin pointed to Ethereum’s programmability, ETH’s use as collateral, and the network’s role in supporting financial applications.
“ETH is the base money of an exponentially growing ecosystem that should keep growing for decades,” he wrote.
Staking adds another element to that proposition, as holders can commit ETH to help secure Ethereum and earn rewards denominated in the token.
“Its monetary premium will keep rising, because retail, corporate, and government users will all need to hold some,” he added.
Lubin also has substantial exposure to the ecosystem he champions.
The Consensys founder chairs ETH treasury company SharpLink, giving his bullish assessment a direct connection to his business interests.
What Lubin’s 100× Forecast Would Mean for Ethereum
Lubin’s earlier prediction dates to an August 2025 X post, in which he said:
“ETH will likely 100x from here. Probably much more.”
His argument centered on Wall Street’s adoption of Ethereum infrastructure, including staking, validators, and smart contracts.
Ethereum traded between $4,400 and $4,500 during the period.
Using a rounded $4,400 reference price, a 100-fold increase would put ETH at $440,000, representing a 9,900% gain.
Reaching $440,000 from that starting point would require around 21,774% upside, making each token worth almost 219 times as much.
Applying the same multiplier to today’s $2,011.51 price would instead produce $201,151 ETH.
Assuming the circulating supply remained at approximately 122.21 million ETH, the valuations would look like this:
| Scenario |
ETH price |
Implied market capitalization |
| Recent reference price |
$2,011 |
$245.83 billion |
| 100× the recent reference price |
$201,151 |
$24.58 trillion |
| 100× the earlier $4,400 reference |
$440,000 |
$53.77 trillion |
The company comparisons show how ambitious either outcome would be.
Using Nov. 12 valuations, Apple was worth approximately $5.16 trillion, Nvidia $4.19 trillion, Microsoft $3.87 trillion, Alphabet $3.58 trillion, and Amazon $2.88 trillion.
At $440,000 per token, Ethereum would be worth roughly 10 times Apple, 13 times Nvidia and 14 times Microsoft.
Even the lower $201,151 scenario would put Ethereum above the combined valuation of those five companies, at approximately $19.68 trillion. To hit this, ETH would need to attract significant demand from institutions, businesses, and individual investors.
More banks using the network could help, but those activities would need to create stronger reasons to buy and hold ETH.
Growth in stablecoins or tokenized funds would also not automatically translate into equivalent ETH purchases.
Investors would need to place a much higher value on the token itself, including its use for staking, collateral, and financial applications.
Tom Lee and VanEck Offer Other Bullish Ethereum Scenario
Lubin’s outlook sits at the end of the broader bullish argument about Ethereum’s future.
Fundstrat co-founder and Bitmine chairman Tom Lee has continued to support the asset despite its weak price performance.
In Nov. 10 comments previously covered by CCN, Lee wrote:
“Adds up to a bullish outlook for crypto next 24-36 months. Pls buckle up.”
Lee has also discussed a $62,000 ETH scenario separately, with around 122.21 million circulating tokens, that would imply a market capitalization near $7.58 trillion.
Asset manager VanEck also outlined a lower, dated projection in its June 2024 research:
“We estimate ETH’s price to hit $22k by 2030 in our updated base case scenario.”
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Kurt Robson is a London-based reporter at CCN, specialising in the fast-moving worlds of crypto and emerging technology. He began his career covering local news in Cornwall after graduating from Falmouth University with First Class Honours in Journalism. There, he cut his teeth on everything from council meetings to missing swans.
He quickly rose through the ranks to become a frontline journalist at several of the UK’s leading national newspapers. Over the years, he has interviewed musicians and celebrities, reported from courtrooms and crime scenes, and secured multiple front-page exclusives.
Following the upheaval of the COVID-19 pandemic, Kurt shifted his focus to technology journalism—just ahead of the AI boom. With a natural curiosity and a trained eye for emerging trends, he has found a new rhythm in reporting on innovation.
At CCN, Kurt's work focuses on the cutting edge of crypto, blockchain, AI, and the evolving digital world. Drawing on his background in people-first reporting and his deep interest in disruptive tech, Kurt delivers stories that are insightful, entertaining, and human-centric.
