‘Stupid’, ‘Microsoft of Blockchain’ to Discredit Ethereum – Bitwise exec
Ethereum may be in the midst of “suffocation” at the moment, but people who hate blockchain probably look “stupid”, says Bitwise's chief investment officer.
“Now it's cool to hate Ethereum. I guess this ending is stupid.”
In a September 17 post, Bitwise's Matt Hougan admitted that there has been a lot of negative community sentiment on Ethereum. The ETH/BTC ratio is at its lowest level in three years, and the price of Ether is flat compared to Solana (SOL) and Bitcoin (BTC).
“Now nobody likes Ethereum,” he said.
However, he also argues that Ethereum is still 50% stablecoins and 60% decentralized financial assets locked on Ethereum, highlighted in a September 17 post.
Source: Bitwise
Attendees at Singapore's TOKEN2049 conference also said there is a strong interest in Ethereum in the real world.
Logan Jastremski, founder and managing partner at crypto-focused investment firm Frictionless Capital, said: “As long as the timeline is on Ethereum, they still have the majority of mindshare on Token 2049.
Source: Shuyao Kong
Last week, more than 37,800 GitHub commits were made from Ethereum's 2,615 active developers — 68% more than second-tier Polygon, according to Cryptometheus data.
“When the next big traditional company wants to build a blockchain product, I bet they'll choose Ethereum,” Hugan added.
“It's like the Microsoft of blockchain.”
Hugan acknowledged that the “vibes” in the Ethereum community are “strong” right now, with the price of Ether (ETH) at a 40-month low against Bitcoin.
Data from CoinGecko shows that Ether is currently at $2,390, an increase of 3% in the last 24 hours.
The currency is up just 0.2% in 2024 compared to Bitcoin's 40%.
Additionally, the U.S. securities regulator appears to think that stored-Ether assets are securities and there are concerns about how it views decentralized finance, a key driver behind Ethereum's price, Hugan said.
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Many industry experts speculate that Ethereum has “shot itself in the foot” by relegating most of its trading activity to the second layer, Hugan said, adding that Ethereum's revenue is at a four-year low.
However, Hugan believes that the market will take another look at Ethereum as the upcoming US presidential election approaches, citing the possibility of some regulatory clarity.
“For now, it looks like a possible contrarian bet at the end of the year,” Hogan said.
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