The largest altcoin Ethereum (ETH) has been under a lot of criticism for its poor performance against Bitcoin (BTC) and its failure to surpass its previous ATH.
Despite this, some analysts stated that they still maintain bullish expectations for Ethereum, while industry experts published a comprehensive report on Ethereum.
The report was contributed by 21 notable figures, including Consensys Founder and Ethereum Co-Founder Joseph Lubin, Etherealize co-founders Vivek Raman, Danny Ryan and Grant Hummer, and Ether.fi founder and CEO Mike Silagadze.
Accordingly, prominent Ethereum supporters argued that ETH was seriously undervalued.
Leading Ethereum tech experts and industry figures have argued in their “Bullish Case for ETH” report that ETH is significantly undervalued and has the potential to reach $740,000 per token in the long term.
Stating that Ethereum is more than just a store of value, the report said, “ETH is the fuel, collateral and reserve asset that feeds the financial system of the future.”
“ETH is the digital oil that powers the financial digital economy. And it is significantly mispriced.”
The report noted that ETH secured $767 billion worth of assets, and stated that ETH should be positioned not just as a technology stock, but as a fundamental layer of the on-chain economy.
Vivek Raman, co-founder of ETH think tank Etherealize, said that it is correct to compare ETH to global reserve assets such as oil, bonds, or M2 money supply to more accurately reflect Ethereum’s potential.
Raman added that the eventual adoption of ETH could rival or even surpass the transformative impact of the internet.
“Ethereum is becoming the indispensable asset at the heart of a digitally native financial system. Simply put, ETH is digital oil. Once adopted, it will be as big as the internet, maybe even bigger. At this point, ETH lagging behind BTC is a mispricing, not a structural weakness.”
They Focused on Bitcoin, They Overlooked Ethereum!
Ethereum Co-Founder Joseph Lubin compared Bitcoin to Ethereum, saying: “Institutional investors have been so focused on Bitcoin and its narrative as a store of value that they have overlooked an asset with much greater growth potential. Not only does ETH share the same store of value properties that made Bitcoin popular, it also has a broad utility, offers more predictable scarcity, and provides a steady return, making it the ultimate productive reserve asset. As Ethereum further establishes itself as the backbone of the digital economy, ETH becomes even more indispensable.”
*This is not investment advice.