Ethereum co-founder Vitalik Buterin has publicly affirmed his belief in Ethereum (ETH) as a store of value, a statement that has sent ripples through the cryptocurrency community. This declaration comes as a response to ongoing discussions regarding the Ethereum team’s hesitancy to promote ETH’s monetary potential.
Buterin’s comment, “If I did not believe in ETH as SOV I would not hold ∼90% of my net worth in it,” was made in response to observations by DCinvestor, a strategic advisor and private investor in the cryptocurrency space. DCinvestor had argued that despite Ethereum’s widespread use in decentralized finance (DeFi) and its substantial total value locked (TVL), developers have been reluctant to openly discuss ETH’s status as a store of value, possibly due to concerns about regulatory scrutiny. He emphasized that for Ethereum to function securely under its Proof of Stake (PoS) consensus mechanism, ETH must be perceived as a desirable store of value.
Buterin’s revelation provides a rare glimpse into his personal financial strategy and underscores his conviction in Ethereum’s long-term value proposition. This statement is particularly significant considering the Ethereum development team’s historical reluctance to promote ETH as a store of value or programmable money. This stance has been a subject of debate within the crypto community, with some speculating that it stems from regulatory concerns or a desire to focus on Ethereum’s technological aspects rather than its financial implications.
Buterin’s comment appears to bridge the gap between the public positioning of Ethereum and the personal convictions of its co-founder. It suggests that while the core development team may not actively promote ETH’s monetary aspects, there is a strong belief in its value retention capabilities at the highest levels of the Ethereum ecosystem.
This development comes at a time when the cryptocurrency industry is navigating evolving regulatory landscapes and shifting perceptions of digital assets. As the industry continues to mature, the role of major cryptocurrencies as stores of value remains a crucial topic of discussion.
The implications of Buterin’s statement are likely to be a significant point of discussion at the upcoming Benzinga Future of Digital Assets event on November 19.
