In 2017, John Pfeffer predicted a dominant cryptocurrency as a store of value (SOV) with Bitcoin as the likely candidate, estimating its market cap could reach $4.7 to $14.6 trillion. He argued that Bitcoin's strength lies in its minimal technological risk compared to Ethereum. Ethereum proponents often tout its utility within the EVM ecosystem for payments; however, Pfeffer argues that this doesn't necessarily make ETH a valuable SOV. With Ethereum's constant innovations, estimating ETH's value as a cash-flow asset is problematic. A recent paper co-authored by Pfeffer suggests that despite Ethereum's technological advancements, ETH appears overvalued at approximately $400 billion based on cash flow metrics. While ETH may be seen as a commodity and it allows staking for yield, the paper emphasizes the volatility of ETH's price makes it difficult to justify it as a long-term investment. Ultimately, Bitcoin is still viewed as a more reliable option for growth into a non-sovereign store of value.

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