BlockBeats News, September 25th. Andrew Kang, the founder of crypto venture capital firm Mechanism Capital, referenced his previous criticism of Tom Lee in a post, stating, “Ethereum is Luna 2.0.”
Andrew Kang bluntly described Tom Lee’s theory about ETH as “idiotic” and presented five major counterpoints, causing a stir in the industry, namely:
The widespread adoption of stablecoins and RWAs will not bring the expected returns;
The analogy of Ethereum as “digital oil” is not accurate;
Institutional buying and staking ETH? Pure fantasy;
Is ETH equivalent to the total value of all financial infrastructure companies? Utterly absurd;
Technical analysis of ETH clearly shows it is still in a multi-year consolidation range, with the recent price surge being swiftly rejected after hitting the upper boundary.
