Ethereum Bull David Hoffman shares why he sold ETH

David Hoffman, an Ethereum advocate and co-founder of media company Bankless, said he sold his remaining Ether (ETH) holdings last week because the “ETH is Money” message was largely “played out.”

“Ethereum has earned the value of ETH it deserves, and I don't see ETH being valued as an asset, high or low,” Hoffman wrote on XPost on Tuesday. He said.

“Ethereum has done incredibly well and deserves the market value it has,” Hoffman said, but “the window of opportunity for ETH to be ‘undervalued' by the market seems to be closing.”

“ETH is money to some degree. But it's not the most successful version of what we've been trying to achieve together.”

The “ETH is money” thesis states that the token is decentralized and a superior store of value compared to fiat money to combat inflation or when new tokens are created.

Many Ether supporters argue that the token could reach a high of five-figures. Since then, it has fallen 60% from its highs of trading around $2,000.

ETH prices have been mostly range-bound for five years. Source: TradingView

Hoffman, a long-time Ethereum bull who writes extensively on investment topics for Ether, announced on Thursday that he had sold all of his ETH holdings, which he did not disclose.

Ethereum claims to be a “giver, not a receiver” while providing a secure blockspace and token, with blockchain layer-2 networks handling most of the payments and benefits.

“Ethereum takes no credit for what it does. That's the nature of open source software, and that's the power of Ethereum. Ethereum offers the world a whole lot of incredibly important value…

Hoffman has repeatedly said that he is “bully bullish” on Ethereum, expecting that the network will “do exceptionally well from here on out”, but the “marginal size” of this success is reflected in Tok.

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Hoffman's sale drew mixed reactions from ETH backers, with Bankless founder Ryan Sean Adams calling it “the end of an era”.

Eric Connor, the former Ethereum core developer, did not blame Hoffman because ETH “has significantly underperformed the overall crypto market for many years.”

The reason for the delay is mainly due to pressure from high millionaires to sell during the explosive development, rather than fundamental protocol weaknesses.

“At the end of the day, when it comes to portfolio management, a lot of money is very foolish,” he said.

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