Ethereum (ETH), the world’s second-largest cryptocurrency by market cap, is back in the spotlight following a bold prediction by EMJ Capital CEO Eric Jackson, who suggested that ETH could eventually soar to $1.5 million per coin.
The comment, made in a recent Cointelegraph interview, has sparked both excitement and skepticism across the financial landscape.
As Ethereum continues to mature—from a programmable blockchain to a full-fledged decentralized finance (DeFi) and Web3 ecosystem—this article explores whether such a price target is feasible or a speculative bubble in the making. Let’s break it down.
Ethereum’s Current Position: A Market Snapshot
As of mid-2025, Ethereum is trading above $3,500, bolstered by the increasing adoption of Layer 2 scaling solutions, rising on-chain activity, and bullish sentiment in the broader crypto market.
With the successful implementation of Ethereum 2.0 upgrades—including the shift to proof-of-stake (PoS) and the EIP-1559 fee-burning mechanism—ETH is becoming a deflationary asset, tightening supply over time.
Key stats:
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Market Cap: ~$420 billion
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Total Value Locked (TVL) in DeFi: Over $90 billion
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Ethereum Burn Rate: ~1,700 ETH/day
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Staked ETH: Over 30 million ETH locked
This evolution has significantly strengthened the “digital oil” narrative around Ethereum.
The Case for $1.5 Million: Bullish Fundamentals
1. Macro Adoption and Institutional Interest
According to Tom Lee (Fundstrat), Ethereum is increasingly the go-to blockchain for major institutions, including JP Morgan, Circle, and Robinhood, who are building infrastructure on top of Ethereum rather than alternative chains like Solana or Avalanche.
“Ethereum has become the base layer for financial innovation,” Lee said in a recent Yahoo Finance appearance. He points to Ethereum’s network effects, security, and developer dominance as key differentiators.
2. Scarcity Mechanics: Ultra Sound Money
Post-EIP-1559 and the Merge, Ethereum has transitioned to a deflationary supply model. Since ETH is now burned with every transaction, the total circulating supply is gradually decreasing—something Bitcoin doesn’t do.
According to ultrasound.money, Ethereum’s current burn rate could result in a net negative issuance over the next decade, especially with continued DeFi and NFT growth. Scarcity + utility = price appreciation.
3. The “Internet of Value” Thesis
Ethereum is often likened to a decentralized version of the App Store or AWS. If Ethereum becomes the base settlement layer for the decentralized internet, some analysts project a total addressable market (TAM) of $100 trillion or more.
In this framework, a $1.5M ETH would imply a market cap of ~$180 trillion, which is admittedly ambitious but not inconceivable in the far future if traditional finance merges with on-chain infrastructure.
Skeptical Voices: Why $1.5M May Be a Bubble
1. Valuation Disconnect
Critics argue that projecting a $1.5M ETH requires 10,000%+ returns from today’s levels, something rarely seen in mature financial assets.
Given Ethereum’s large market cap, such returns would necessitate unprecedented global adoption and regulatory clarity—both still evolving.
“There’s no doubt Ethereum is powerful tech,” said Mati Greenspan, founder of Quantum Economics. “But expecting a 7-figure valuation in the next decade may overlook real-world frictions—scaling, user experience, and government pushback.”
2. Regulatory Overhang
While the SEC has indicated that Ethereum may not be a security post-Merge, the global regulatory environment remains unpredictable.
Any sudden clampdown on DeFi, staking, or privacy-focused protocols could reduce Ethereum’s utility and, in turn, price momentum.
3. Competition Is Rising
Although Ethereum remains dominant, rival Layer 1s such as Solana, Avalanche, and newcomers like Aptos are making strides in scalability and user onboarding.
Ethereum must continuously evolve to maintain its lead, especially in a multichain world.
What Needs to Happen for $1.5M ETH to Materialize
For ETH to realistically hit $1.5 million, several macro and micro factors must align:
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Global crypto adoption reaching billions of users
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Ethereum processing trillions in on-chain transactions
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DeFi replacing or integrating with traditional finance
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ETH becoming the default collateral for digital economies
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Institutional capital flowing into tokenized real-world assets on-chain
Conclusion: Bubble or Breakthrough?
While $1.5 million per ETH may sound like moonshot territory, it’s not entirely out of the question for long-term investors with a 20- to 30-year horizon.
Ethereum is arguably the most utilized and innovative blockchain platform in existence today. The blend of deflationary economics, institutional endorsement, and real-world utility gives it a compelling long-term story.
However, investors must weigh exponential potential against systemic risk—from regulation, competition, and market cycles.
Verdict? Ethereum at $1.5 million is possible, but not probable—at least not without seismic shifts in how global finance operates.
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