DFG's James Wo backs BTC to $125K, dismisses ETH all-time…

James Wo, founder and CEO of crypto investment firm DFG, is doubling down on bitcoin and publicly rejecting the bull case for ether — including Tom Lee's eye-catching $250,000 ETH price target. Speaking at the Proof of Talk conference in Paris, Wo said he "totally disagrees" with Lee, arguing that bitcoin has achieved an institutional consensus and safe-haven status that Ethereum simply has not.

Why it matters

Wo's perspective carries weight: he built DFG from a $20 million seed allocation — sourced from his mother — into a firm managing over $1 billion across more than 100 portfolio entities, with early bets on Solana, Polkadot, Near, and a $10 million early stake in Circle's USDC. His critique of Ethereum is structural, not cyclical. He argues that Layer-2 networks have fragmented ETH's value accrual by diverting transaction volume and fees away from the base layer, leaving the token unable to capture the economic activity the ecosystem generates. "The Ethereum token as a whole is not going to capture a lot of value," Wo said. He does not expect ETH to reach a new all-time high in this cycle.

Market impact

On bitcoin, Wo is constructive but measured. He forecasts a potential near-term correction to the $60,000–$62,000 range before a cycle peak he places at approximately $125,000, expected in 2027 or 2028. He frames BTC as a superior liquid asset versus both Chinese and U.S. equity markets. With ETH trading near $1,775 and BTC near $63,000 at time of writing, Wo's divergent outlook — long BTC, skeptical ETH — reflects a growing institutional bifurcation in how the two assets are being positioned.