Michael Saylor, famed Bitcoin (CRYPTO: BTC) bull and co-founder of Strategy Inc. (NASDAQ:MSTR), recently heaped praise on Wall Street strategist Tom Lee, describing him as the most influential voice representing Ethereum (CRYPTO: ETH).
Saylor Says Lee Acting As A Bridge Between Wall Street And Crypto
During his keynote speech at the BTC in DC event on Sept. 30, Saylor noted that Strategy's cryptocurrency treasury framework was being widely replicated, specifically mentioning BitMine Immersion Technologies Inc. (AMEX:BMNR), which Lee chairs.
“Tom Lee has emerged as probably the most visible, influential spokesperson in the entire Ethereum ecosystem in a matter of months, maybe a matter of weeks,” he said.
Saylor stressed Lee’s Wall Street background, adding that his involvement has led to the merger of Wall Street with the cryptocurrency economy.
“Capital flows because it trusts Tom Lee,” the Bitcoin bull said.
See Also: Peter Schiff: Bitcoin Depends On ‘Growing Supply Of Fools’—And Technical Analysis Says He’s Not Wrong
Movement Becoming ‘Legitimized’
Saylor said that it’s a net positive when people like Lee have conversations with the early Ethereum entrepreneurs, including Vitalik Buterin.
“And what’s interesting there is that entire movement becomes commercialized, institutionalized, legitimized, rationalized, becomes a bit older, a bit more credible,” Saylor stated.
Strategy, BitMine Champion Crypto Treasury Play
BitMine, under Lee’s leadership, has become the largest Ethereum treasury company and the world's second-largest cryptocurrency treasury, with a stash of 3,236,014 ETH, valued at $12.64 billion. Seasoned investors, such as Cathie Wood and Peter Thiel, have made investments in the firm.
Saylor’s Strategy pioneered the model, with its Bitcoin treasury currently worth over a whopping $70 billion.
Price Action: At the time of writing, BTC was exchanging hands at $110,406.96, down 2.43% over the last 24 hours, according to data from Benzinga Pro. ETH was down 2,71% to $3,918 at last check.
Strategy shares fell 0.17% in after-hours trading after closing 3.26% lower at $275.36 during Wednesday’s regular session. BMNR stock fell 5.29% to $49.76.
Benzinga’s proprietary Edge Rankings show Growth as the strongest category for MSTR at 36.61/100. Find out how it compares to the BMNR Stock by clicking here.
Photo Courtesy: Dragon Claws on Shutterstock.com
Read Next:
