Author:Sam Tabar

Translator: Jiahua, ChainCatcher

I bought more ETH.

Not because of the cycle, and not because of the narrative. I examined the data, studied this asset, and concluded that its pricing had deviated. When I see mispriced assets, I take action.

But this decision is worth more than just one tweet. The questions it raises deserve our sincere discussion.

Framing it as "currency" is a mistake

The argument that "ETH is a currency" represents the grandest vision for Ethereum's future development. I can understand its appeal. Currency is a coordination game that requires an extremely large and lasting consensus of belief, large enough to be self-fulfilling.

Bitcoin is participating in this game, stripping away all other attributes to win.

In contrast, Ethereum has chosen practicality.

This choice means that ETH cannot win the currency coordination game like Bitcoin. But it also means that Ethereum has built something that Bitcoin has never attempted: a programmable settlement layer, which today the entire world is actively building upon.

This is a completely different asset with a different value proposition. Measuring it with the logic of a currency and calling it a failure is like scoring a railway based on whether it can become a quality currency.

Value has been realized

The most common criticism I hear is that Ethereum's coordination challenges among the underlying, L2, developers, and the market have caused ecological fragmentation, causing ETH to miss its moment in the spotlight.

This claim has some validity. However, institutional capital does not need Ethereum to win any narrative wars. What it needs is a reliable, battle-tested, programmable settlement layer. Stablecoins are being issued on Ethereum. U.S. Treasuries are being tokenized on Ethereum. AI agents' transactions are also beginning to settle on Ethereum.

None of this needs to wait for narrative consensus. They are already happening.

When I decided to build around Ethereum, my logic was very straightforward: WhiteFiber provides us with the computing layer. ETH provides us with the settlement track. Computing and settlement are the two core elements needed for institutional finance to migrate on-chain.

Currently, Ethereum is the only place that possesses both and has reached scale.

The story may still be unfolding. But the track has already been put to use.

Betting is not wrong; the timing is

Many people have looked at the price of ETH over the past two years and declared that this trade is over. I think they are focused on the wrong catalyst.

Valuation re-evaluations will never come from retail enthusiasm for narratives; for an asset with such a vast underlying infrastructure, that always remains a fragile foundation. The real catalyst is institutional demand, and institutional demand does not operate on the timeline set by crypto Twitter.

It will only act when compliance frameworks are ready, when custody tracks concretely exist, and when the regulatory environment is stable enough for CFOs to sign off.

That moment is much closer than what the current price reflects.

Why I bought

I want to express one point very clearly. I hold ETH because I have a fiduciary duty to make wise capital allocation decisions, and at the price I bought, ETH met that standard.

Putting aside those narratives, the essence of this asset is: it generates yield. Our staking business gross margin reached 94.7% in the first quarter. This is a business, not just a vision.

It provides security for the dominant global smart contract platform, which processed trillions of dollars in transactions last year and is seeing increasing institutional trading volume each quarter. Moreover, I believe its trading price has a significant discount compared to the actual value of the infrastructure it drives.

I don’t need ETH to become the world reserve currency to own it. I just need it to maintain its current form and continue doing what it is doing.

That alone is enough for me to buy. Equally, it is enough for me to continue holding.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。