Bitmine chairman Tom Lee told Paris Blockchain Week that the recent crypto slump was a “mini crypto winter” and said Ether could climb above $60,000 over the next few years.
Bitmine Immersion Technologies chairman Tom Lee said Wednesday that the recent crypto slump was a “mini crypto winter” that may already be ending, in comments that came shortly after the company disclosed a multibillion-dollar quarterly loss tied largely to unrealized markdowns on the company’s Ether holdings.
During a keynote speech at Paris Blockchain Week 2026, Lee said that equity markets have bottomed due to the US-Israel war with Iran, and that Ether (ETH) will emerge from its “massive consolidation,” driven by tokenization and agentic artificial intelligence initiatives tied to the smart contract network.
Lee argued that equities have reached their bottom, leading to a recovery from what he called an “unusual” crypto market downturn, which didn’t coincide with a wider bear market in stocks for the first time. “Equity markets bottom on bad news. And we’ve had a lot of bad news,” said Lee, citing historical examples of stock markets bottoming out after the outbreak of wars.
