Joseph Lubin, co-founder of Ethereum, stated on the X platform that he completely agrees with the views of Bitmine Chairman Tom Lee, that Wall Street will engage in ETH staking because they are currently paying for infrastructure costs, and Ethereum will replace many of the isolated stacks they operate, such as the multiple isolated stacks that JPMorgan may operate from all the banks it has acquired and absorbed over the years. They need to fully understand the rules of the Ethereum game, as this game will be called... finance. Wall Street needs to become a traditional finance company operating on a decentralized track, which means staking, running validators, operating L2/L3, participating in Decentralized Finance, writing smart contracts software for protocols, processes, and financial instruments, etc.

For JPMorgan, this will be a relatively easy transition since they have been exploring and using Ethereum technology to build their private blockchain network since 2014-2015, and many other financial institutions also have extensive Ethereum experience. The price of ETH could potentially rise 100 times or more in the future, and Ethereum/ETH will disrupt the monetary foundation of Bitcoin/BTC.