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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.