According to BitMEX chairman Tom Lee, Ethereum is expected to surpass Bitcoin's market share in a manner similar to how U.S. stocks outpaced gold after the U.S. abandoned the gold standard 54 years ago.

Lee pointed out during an interview with ARK Invest CEO Cathie Wood on Thursday: "Ethereum has the potential to disrupt Bitcoin just as Wall Street and stocks disrupted gold after 1971."

Data from CoinMarketCap shows that Bitcoin (BTC) has a market capitalization of approximately $2.17 trillion, about 4.6 times that of Ethereum, which has a market cap of $476.33 billion.

Lee, who is responsible for BitMine's Ethereum accumulation strategy, stated that Ethereum is poised to rise similarly to the dollar's ascent after 1971. At that time, U.S. President Richard Nixon completely decoupled the dollar from gold, making it a pure fiat currency—no longer backed by gold—raising market concerns about the potential abandonment of the dollar standard.

Lee said that the "direct beneficiaries were the demand for gold and the market."

However, in response, "Wall Street created products that made the dollar dominant, and today the market cap of stocks is $40 trillion, while gold is $2 trillion," he said.

"By the end of that period, the dollar's dominance rose from 27% of GDP to 57% of central bank reserves and 80% of financial transactions," he said, adding:

"The dollar's dominance will become an opportunity for Ethereum," he said, adding that this will be because "everything will be… tokenized."

"So when we move the dollar onto the blockchain, i.e., stablecoins, we will transfer stocks and real estate," he said.

However, he emphasized that this is still a "working theory," and he remains bullish on Bitcoin.

"The Flippening" refers to the concept of Ethereum one day surpassing Bitcoin in market capitalization, a topic that has been controversial for years and has recently come back into focus.

In August, ConsenSys founder Joseph Lubin stated that Ethereum would "grow 100 times and surpass Bitcoin as a 'base currency.'"

Meanwhile, Bitcoin supporter and Jan3 founder Samson Mow believes that once the price of ETH rises high enough, Ethereum investors will flow back to Bitcoin.

As early as August 2021, DeVere Group CEO Nigel Green stated, "Ethereum seems unstoppable at the top of the crypto space."

Green noted, "Ethereum has far outpaced Bitcoin in every aspect except price and notoriety."

Related: Ethereum triggers key bearish signal—last time this happened, ETH plummeted 60%

Original: “Tom Lee: Ethereum (ETH) is expected to surpass Bitcoin (BTC) like Wall Street disrupted gold”

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