Citing Mechanism Capital’s Andrew Kang, Wu Blockchain announced that he has openly criticized Bitmine’s Chairman Tom Lee’s ethical debate. In critical arguments, Kang observes five important claims by Lee, including Ethereum’s adoption of stable rock, digital oil, institutional demand, assessment logic, and long-term technical perspectives.
It shows a rising gap between Ethereum followers and non-believers as Crypto Economy moves to new frameworks such as Real World Assets (RWAS) and Stablecoins.
Adopting Stablecoins and RWA: Fake Hope?
Tom Lee says that Ethereum is key to the development of Stablecoin and RWA. Kang strongly opposes. Even in this boom, Ethereum fee revenue has not increased, meaning that it is not the most important winner of this adoption. Lee’s analogy regarding ETH as a digital oil has spread widely in recent years. However, Kang states that the analogy is false and even more harmful. According to Kang, linking Ethereum’s identity to this rationale undermines its role as a sustainable and scalable technology, especially in an age when environmental considerations are becoming increasingly important in facility investment decisions.
ETH bust model
The most important aspect of Lee’s paper is that institutions are becoming stakeholders and purchasing ETH to own the network. Kang challenges this claim by claiming that there is little evidence. Etherium Staking boasts more than 28 million ETH stakes as of today, and Kang assumes that most of them are provided by participants from crypto origins rather than major institutional investors. Kang dismisses the model, claiming that Ethereum is not a company and that its talknomics does not agree with a corporate style valuation model.
Weak technical outlook
Finally, Kang disapproves Lee’s technical analysis of ETH. According to TradingView data, the vibration does not have any obvious bullish momentum. This supports Kang’s skepticism. Bitcoin, by comparison, still shows better trends and institutional trust.
The critique made by Kang is timely to Ethereum. While ETH continues to maintain a value of around 300 billion, rivals such as Solana and Arbitrum have made rapid progress in both RWA and Stablecoins use.
If Kangs’ debate is receiving extensive publicity, Ethereum may have to withstand additional pressures as investors revisit its growth narrative. In the meantime, the relative strength of Bitcoin could help attract more institutional investments. In other words, ETH must struggle even more to remain dominant.
