PANews reported on August 30 that Ethereum co-founder Joseph Lubin posted on the X platform that he fully agreed with Bitmine Chairman Tom Lee's views. Wall Street will stake ETH because they currently pay for infrastructure, and Ethereum will replace the many isolated stacks they operate. For example, JPMorgan Chase may operate multiple isolated stacks from all the banks it has acquired and absorbed over the years. They need to fully understand the rules of the Ethereum game because this game will be called... finance. Wall Street needs to become a traditional financial company operating on a decentralized track, which means staking, running validators, operating L2/L3, participating in DeFi, and writing smart contract software for protocols, processes, and financial instruments.

This will be a relatively easy transition for JPMorgan Chase, as they have been exploring and using Ethereum technology to build their private blockchain network since 2014-2015. Many other financial institutions also have extensive experience with Ethereum. The price of ETH could increase 100-fold or more in the future, and Ethereum/ETH will overturn the monetary foundation of Bitcoin/BTC.