As the CIO of Fundstrat Capital, Tom Lee doubles down on Ethereum (CRYPTO: ETH); however, Fred Krueger challenges this Ethereum-centric narrative, noting Solana‘s (CRYPTO: SOL) “rising dominance.”
What Happened: A crypto enthusiast and investor at 2718.fund, a venture capital firm focused on the fintech and blockchain sectors, Krueger, highlighted Lee’s views on Ethereum, stablecoins, and Bitcoin (CRYPTO: BTC) treasury companies in an X thread and presented his arguments against them.
Solana Vs. Ethereum
Lee explains that Wall Street is enthusiastic about stablecoins and they primarily run on Ethereum, contributing 30% of its gas fees, and predicts an “exponential increase” from $200 million to $2 trillion in five years.
However, Krueger highlights Solana’s transaction volume and user activity, saying that it “significantly outpaces Ethereum in daily active addresses, by 5–10× on some measures.”
Lee’s “programable money will run on ETH” argument has holes in it, and “Tom Lee conveniently does not mention Solana,” explains Krueger. Adding that only when you add “all the layer2s on ETH you get close to Solana.”
Furthermore, Lee argues that Bitcoin treasury companies are viable because they can issue convertible debt to capitalize on volatility, to which Kriueger questions, “ETH may have higher volatility, but are convertible …