Tom Lee is creating quite a splash, and not just in the crypto world. His BitMine (BMNR) becoming the largest corporate ETH holder, surpassing 1.15 million ETH, is being touted as Ethereum's "MicroStrategy moment." While Wall Street types are drooling over staking yields and ETF inflows, I'm asking a different question: What does this mean for Africa?

At a superficial level, greater ETH adoption in Africa seems like a good thing. We're talking about potential for increased financial inclusion, access to decentralized finance (DeFi) for those historically shut out, and the potential for new economic opportunities. Consider the example of a farmer in rural Kenya being able to access loans directly through DeFi, cutting out middlemen and predatory lenders. Or see a new generation of Nigerian entrepreneurs who can power their global businesses with smart contracts. It's a beautiful picture.

Lee aiming to control 5% of ETH's circulating supply alongside Joe Lubin's SharpLink accumulating massive amounts of ETH – this isn’t some decentralized utopia being built brick by brick by the people. This is a power play. And in a continent already grappling with inequality and the legacy of exploitation, we need to ask: Who benefits most?

I’ve met with developers in Accra, entrepreneurs in Lagos and crypto users in Nairobi. The mood is a bit of a Mixed Bag, but all share some measure of hopeful optimism tinged with a skeptics stew of realism. One developer put it bluntly: "We've seen this movie before. Foreign investors come in, promise the world, and leave with all the profits. Will this be any different?"

This isn't just about the tech. It's about access, affordability, and control. Will Lee’s accumulation increase ETH accessibility for the average African citizen? Or will it drive up prices, putting it out of reach for them to participate at all. How will DeFi protocols be tailored to serve African communities specifically? Or will prohibitive transaction costs and a steep learning curve continue to make them out of reach.

Let's not forget the political realities. Africa is not a monolith. On the one hand, many governments are welcoming crypto with open arms, recognizing an opportunity to leapfrog outdated financial infrastructures. Others are skeptical, concerned about its use for illegal transactions or that it will undermine their economies. How will these future city, state, and national governments respond to one entity potentially owning a huge portion of the ETH supply? Might it result in greater regulatory scrutiny, complete bans, or even efforts to seize these assets?

Many African countries have a tendency to gravitate toward some global powers over others. How will this geopolitical alignment affect their attitude towards crypto and the operations of crypto companies such as BitMine? Would they be tempted by the allure of fiscal prosperity and job creation, or will they favor clinging to the loyalty and power of their past? The answer is crucial.

The contrast with MicroStrategy’s Bitcoin buy-up is instructive. Michael Saylor’s bet the company on Bitcoin has made him and his shareholders incredibly wealthy. Has it actually improved the quality of life for regular Americans? Has it fixed America’s financial inequity problem? I think we all know the answer.

We need to be clear: True empowerment comes from the bottom up, not the top down. We are working to develop pathways for African developers to create their own DeFi solutions. Further, we equip African entrepreneurs to more easily access capital and we help African citizens take greater control of their own financial destinies. It’s not the case that some foreign company is hoarding billions of ETH. They aren’t standing idly by while presumed benefits from tech advance magically trickle down.

So, what can we do? These are the kinds of issues we should be demanding transparency and accountability from private companies like BitMine. Together, we can lobby existing and future regulations to encourage equitable access to ETH and DeFi opportunities for all Africans. We can galvanize support for African crypto projects and initiatives. BTC and ETH developers could do a much better job of including and empowering African crypto voices.

Now it’s time to get past the hype and start asking the tough questions. Is Tom Lee’s ETH move really about providing power to Africa? Or is it just the latest episode in the epic tale of how wealth and power continue to concentrate in the hands of a few? The answer to that, my friends, again, it all depends on what we do next. Let's make it empowerment, not exploitation. To ensure ETH truly works for everyone, we need to end this inequitable control of the coin’s future. We shouldn’t allow another moment to continue raising Africa’s profile go to waste. The time to act is now.

The comparison to MicroStrategy's Bitcoin accumulation is telling. Michael Saylor's bet on Bitcoin has enriched himself and his shareholders, but has it fundamentally changed the lives of everyday people? Has it solved the problem of financial inequality? I think we all know the answer.

We need to be clear: True empowerment comes from the bottom up, not the top down. It's about creating opportunities for African developers to build their own DeFi solutions, for African entrepreneurs to access capital, and for African citizens to control their own financial destinies. It's not about a foreign company accumulating vast amounts of ETH and hoping that some of the benefits trickle down.

Time For Actionable Steps

So, what can we do? We can demand transparency and accountability from companies like BitMine. We can advocate for policies that promote equitable access to ETH and DeFi opportunities for all Africans. We can support African crypto projects and initiatives. We can amplify the voices of African crypto users and developers.

  • Support African Crypto Projects: Invest in and promote blockchain initiatives developed by Africans, for Africans.
  • Advocate for Inclusive Policies: Encourage governments to create regulations that foster crypto adoption while protecting consumers.
  • Educate and Empower: Provide resources and training to help Africans understand and navigate the world of crypto and DeFi.

It's time to move beyond the hype and ask the hard questions. Is Tom Lee's ETH move truly about empowering Africa, or is it just another chapter in the story of wealth and power concentrating in the hands of a few? The answer, my friends, depends on what we do next. Let's make it empowerment, not exploitation. Let's build a future where ETH benefits everyone, not just the elite. Let's not let another opportunity to uplift Africa be squandered. The time to act is now.