In the latest episode of the Bonnie Blockchain Interview, the host and Nansen CEO Alex Svanevik raised a highly controversial point: even if Ethereum as a public chain is very useful, it does not necessarily mean that ETH has investment value.
They used the US dollar as an analogy—USD is extremely important and useful, but almost no one considers USD as a “long-term accumulation asset.” Similarly, Ethereum as infrastructure and EVM as a development standard may be successful, but this does not automatically equate to ETH’s scarcity and return logic as an asset. In other words, “whether the network is useful” and “whether the token is worth investing in” might be two entirely different judgment systems. Ethereum and ETH perhaps should be analyzed separately.
What do you think about this issue?
Should we make a clearer distinction between “the success of public chains/crypto projects” and “the investment value of their native tokens”?
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