Ethereum outcompetes Bitcoin as productive money
The bull case argued for Ethereum (ETH) is that its status as a productive, yield-generating asset with negative carrying costs makes it a superior monetary asset to Bitcoin and gold.
The argument
The guest argued that unlike Bitcoin or gold, which require custody costs (positive carrying costs), ETH holders are paid to secure the network, creating an intrinsic value floor. This floor lowers the cost of speculation and accelerates its adoption as a global monetary premium asset.
The thesis, stress-tested
✓ What validates it
- ✓Increased institutional allocation swapping Bitcoin for Ethereum
- ✓ETF issuers like BlackRock successfully marketing ETH as a productive asset to Wall Street
▸ Risks discussed
- ▸Regulatory hurdles delaying institutional adoption
- ▸Competition from other smart-contract platforms
- ▸Market participants failing to recognize utility assets as money
Hear it yourself
"Bitcoin is the first eats as a second others like Salana have decided to value themselves only on RV or on revenue or or on fees and other L1 blockchains again not all blockchains are critical others are they look a lot like companies and so coming back to when do you use a DCF use a DCF when you're evaluating a company and a lot of L1…"
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