The Market Is Missing Ethereum’s Biggest Opportunity
Speakers
Tom Lee
— Managing Partner & Head of Research, Fundstrat
John Gillen
— Co-Host, Milk Road Macro
Summary
Tom Lee explains why Ethereum is positioned to benefit from AI agents needing smart-contract finality, a tokenization supercycle that could expand liquid markets toward $500 trillion, and major platforms like Coinbase, Robinhood, and Revolut building on Ethereum and its L2s. He also argues Ethereum should be valued as a store of value rather than as a cash-flow chain.
- Tom Lee discusses the 'uncanny valley of wealth' and AI agents requiring crypto smart-contract finality.
- He argues Ethereum's network effects, wallet count, and institutional adoption make it the platform of choice.
- Tokenization could move financial rails to crypto and expand addressable liquid assets from roughly $150 trillion to $500 trillion.
- Coinbase's Base and Robinhood Chain, both Ethereum L2s, rely on Ethereum L1 security and settlement.
- Revolut's stablecoin launch on Ethereum is cited as evidence institutions choose Ethereum.
- Tom Lee says Ethereum should be revalued as a store-of-value asset rather than purely on cash flow.
Ideas
Ethereum wins as AI agents need finality.
As AI agents become revenue-producing units that may be delegated to access financial accounts, investors will need crypto rails with smart contracts, finality, and instant settlement to prevent rogue agents from draining resources. Ethereum is uniquely positioned because it is the largest smart-contract platform by wallets and activity, with network effects and financial institutions already building on it.
Up Next
This Milk Road Macro video, published September 05, 2026, features Tom Lee discussing ETH. 1 trade idea extracted by AI with direction and confidence scoring.