Tom Lee: $ETH Looks More Like Digital Land Than Cash

Tom Lee argues that Ethereum looks more like digital land than cash, framing the best assets as stores of value that investors trust to steward capital effectively.
Under this framework, he compares stocks to stores of value backed by companies stewarding capital properly, and real estate to an asset that is both a store of value and cash-flowing through rent or leasing. Lee says Ethereum fits closer to the stock market or land model, where long-term value comes from the underlying base layer.