ETH To Surpass BTC In Market Cap Soon? Ethereum Co-Founder Joseph Lubin Predicts 'Astonishing Things' In The Next Year

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The great "flippening" may be upon us, according to Ethereum co-founder Joseph Lubin.

"I think we talked about the flippening where ether will eclipse the monetary base size of Bitcoin," Lubin told CNBC last month. "Some think that will never happen. Some people think that will take a few years. I think we may see astonishing things in the next year or so, especially with these treasury companies driving things."

The flippening refers to the possibility that Ethereum’s market capitalization tops Bitcoin's. For core believers, especially in the early days of Ethereum, it seemed like a no-brainer. Ethereum’s programmability meant it offered greater utility than Bitcoin. It did come close to happening in 2017, with the market capitalization of Ethereum rising to almost 84% that of Bitcoin's. However, the gap only widened since then.

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At last look, the market capitalization of Ethereum, $531 billion, is only 22% of Bitcoin's $2.4 trillion.

But optimism is growing again, as highlighted by Lubin’s recent remarks.

"There is a significant probability that Ethereum could flip Bitcoin in terms of network value," Fundstrat investment chief Tom Leesaid in an Aug. 6 episode of the cryptocurrency podcast "Bankless."

Lubin and Lee have put their money and reputation where their mouth is by launching Ethereum treasury firms that have rapidly accumulated billions of dollars worth of the asset. These treasuries have also helped boost overall ETH bullishness.

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The mood shift comes as the tokenization narrative appears to be taking root on Wall Street. The belief is that global markets and assets will eventually move on blockchains for lower costs, faster settlement times and 24/7 availability. As highlighted by Bitwise investment chief Matt Hougan recently, it is an opportunity in the hundreds of trillions. It is a blockchain application that could be bigger than Bitcoin itself, Hougan pointed out at the time.

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Ethereum is expected to be the primary beneficiary of these anticipated inflows as it is presently the preferred tokenization venue with 55% of the market share, according to RWA.xyz. This market share increases to nearly 80% if you count the share of Layer 2 chains ZKsync Era and Arbitrum for Ethereum. Robinhood (NASDAQ:HOOD) recently chose Arbitrum to launch tokenized stock trading for European investors.

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Of course, the anticipated tokenization flows are expected to have significant price implications for ETH. Lee, for example, has said that the asset could surge to between $7,000 and $15,000 in the short term. He also sees the possibility of a $20,000 plus valuation in the long term. Besides Lee, VanEck has also recently dusted off its June 2024 prediction that ETH could hit $22,000 by 2030.

At last look, ETH is trading near $4,300, a 200% increase over its April low of $1,400. The surge is buoyed by buys from treasury companies and record inflows from exchange-traded funds amid the tokenization hype. At the same time, the asset is just 12% shy of its $4,900 price record.

Will the tokenization narrative be what takes Ethereum to the symbolic flippening milestone? Only Time can tell.

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This article ETH To Surpass BTC In Market Cap Soon? Ethereum Co-Founder Joseph Lubin Predicts 'Astonishing Things' In The Next Year originally appeared on Benzinga.com

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