Productive Money: The ETH Thesis Grows Up
Etherealize just dropped a report making the case for $250K ETH. The argument closes a loop Bankless opened six years ago.
Etherealize, the firm acting as the go-between for Ethereum and Wall Street, published Ethereum and the Era of Productive Money today and brought the primary author, Mike McGuiness, onto Bankless to walk Ryan and David through it.
The headline number is the one that'll travel: the combined monetary premium of gold and Bitcoin is roughly $31 trillion. Divide that by the ~121 million ETH in circulation, and you get about $250,000 per ETH. Today it trades at around $2,300.
But before you dismiss this as delusional Bankless bullishness, know it isn't a price target. The Report says so explicitly. It's what ETH would be worth, given its functionality and feature set, if the market agreed ETH is money.
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David Christopher
David is a writer/analyst at Bankless. Prior to joining Bankless, he worked for a series of early-stage crypto startups and on grants from the Ethereum, Solana, and Urbit Foundations. He graduated from Skidmore College in New York. He currently lives in the Midwest and enjoys NFTs, but no longer participates in them.
