2023-12-5 11:14 |
Ethereum retaining prices around $2,200 presents a “hilarious” undervaluation given its strengthened profitability, adoption, and investment merits, argued crypto thought leader Ryan Sean Adams. He contends ETH remains early in its bull cycle.
As co-founder of the firm Bankless, Adams highlights Ethereum’s implausible P/E ratio near 100 based on $2.7 billion in annualized revenue, dwarfing ratios for profitable giants like Amazon. No other chain produces income; meanwhile, ETH turns deflationary this cycle via burning.
Additional tailwinds come from layer-2 platforms ramping usage as heavy chain consumers. Validators also now earn real 5%+ yields on ETH bonds, while an ETF could unlock trillion-scale inflows from institutions legally barred from direct crypto exposure.
Adams suggests these developments make Ethereum a self-fulfilling digital gold and triple-A-grade asset, even ignoring additional progress on development, scalability, and mergers. Yet prices lag compared to legacy benchmarks given bearish macro conditions.
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