Vitalik Buterin proposes Ethereum as a store of value

Vitalik Buterin suggested that Ethereum should be valued as a store of value, a proposition he considers stronger than fee burning or rent extraction. Bitwise CIO Matt Hogan presented both bullish and bearish cases for this pivot. The bullish case argues that if Bitcoin reaches a $30 trillion market cap, Ethereum could capture a tenth of that, reaching $3 trillion. Conversely, the bearish case suggests that focusing on store of value is a one-way door that de-emphasizes revenue, making it a riskier bet if the thesis fails. Ryan Rasmussen stated that Ethereum's thesis remains unclear compared to other blockchains that focus on revenue and tokenomics. Hogan noted that while Ethereum's pivot validates Bitcoin's core thesis, it also introduces competition from assets like Zcash. He believes the digital store of value market will become more complex, with multiple assets holding significant market share. Bitwise analysts are divided on the move; while it opens a multi-trillion dollar opportunity, it also risks alienating revenue-focused investors by abandoning a clear value capture model.