Bitcoiners Slam ETH Uberbull Tom Lee for Fundraising with BTC Logo

Bitcoin maximalists have a new budding archenemy: Fundstrat’s permabull Tom Lee. 

Some BTC advocates recently criticized Lee for using a logo associated with the largest cryptocurrency in order to raise more funds for purchasing ETH. 

Tom Lee’s massive pivot 

BitMine Immersion Technologies, as the name suggests, started as a Bitcoin mining company, which was specifically focused on immersive cooling technology. 

In late July, the low-profile mining company grabbed plenty of headlines with its sudden and aggressive pivot to a bold Ethereum (ETH) treasury strategy. The pivot coincided with Lee being appointed as the company’s chairman. 

In a short span of time, BitMine Immersion Technology became the largest corporate ETH holder by a large margin, outstripping Joe Lubin’s SharpLink Gaming. Its total holdings are now worth close to $5 billion. 

The upstart has attracted investment from such prominent players as Peter Thiel’s  Founders Fund and Cathie Wood’s Ark Invest. 

Ethereum’s Michael Saylor? 

Lee, who used to be primarily known for making overly optimistic Bitcoin price predictions on CNBC, is now clearly aiming to become Ethereum’s Michael Saylor.  

Earlier today, BitMine Immersion Technology (BMNR) announced that it intends to raise up to $20 billion to fund future ETH purchases.

However, prominent Bitcoin advocate grubles (@notgrubles) took issue with the fact that the company with the Bitcoin logo is raising funds to “pump” ETH. 

As reported by U.Today, Lee previously forecasted that ETH could potentially flip Bitcoin by market capitalization. 

Recently, he also came up with a ridiculously bullish $16,000 price target for the flagship altcoin.