Bankless Tom Lee & Arthur Hayes: How Crypto Flips Wall Street
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Oct 13, 2025 
Tom Lee, founder of Fundstrat, and Arthur Hayes, former CEO of BitMEX, dive into how crypto is reshaping Wall Street. They discuss Bitcoin's soaring price and Ethereum's resurgence fueled by institutional investment. Tom shares bold price targets, projecting BTC could hit $200–250k and ETH $10–12k. Arthur critiques leveraged ETFs while advocating for perpetual swaps, and they both underscore the transformative role banks could play as on-chain tech firms. The duo also explores the implications of Tether's rise as a potential game changer in the banking landscape.
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Large Holders As Bridges To Devs
- BitMine engages with core developers and Vitalik to bridge TradFi requirements with Ethereum development.
- Large ETH holders can act as diplomatic liaisons rather than protocol designers.
ETH Is Compute, Not Just A Token
- Arthur frames BTC as money and ETH as compute, suggesting ETH should be compared to tech infrastructure assets.
- He urges ETH to aspire to valuations like core tech backbones powering AI and compute.
Banks Will Become Techy On-Chain Firms
- Tokenized finance and blockchain migration could turn banks into tech firms with far fewer employees and higher multiples.
- Tom expects bank multiples to shift as finance becomes systematized on-chain.