Tulip King
Head of Strategy at CounterpartyTV, Crypto Investor
Bitcoin and Ethereum should gain value as the world polarizes because their neutrality carries a premium. Bitcoin was, and still is, a form of peaceful political protest, and Ethereum was created with similar intent; the fair value of that neutral premium is uncertain, but it rises with polarization. @binji_x argues that as AI makes technology more political, neutral technology becomes more valuable. x.com
ETH looks undervalued even with all the capital already on Ethereum, because its credible neutrality draws asset issuers and institutions. A post the author replies to cites ex-BlackRock VP @BitcoinJesusETH: credible neutrality is TradFi's counterparty-risk minimization, which Ethereum has built for over a decade, and Ethereum holds the lion's share of tokenization, stablecoin adoption and the coming agentic economy. x.com
Bitcoin and ether’s resilience despite months of speculative capital being disintegrated may be a tell. They are the investments to hold or add, not trade. x.com x.com
Ethereum's strong ecosystem is not translating into enough ETH value capture to support significant appreciation unless that changes. The Ethereum Foundation selling ETH again is frustrating; buybacks and stronger incentives for L2s to accumulate and buy back ETH could improve the token's economics. Fundstrat, which owns roughly 5% of the supply, has a huge opportunity to push for better value capture. x.com x.com
Bitcoin and Ether are being bought up on negative news, which is a bullish sign not to ignore. x.com
Ethereum's upside looks worth the bet because the payoff to its prior high is much larger than the downside, and buyers still respond to good news. There is roughly 16% down to $1,950 versus a little over 2x back to the prior all-time high. LIT caught a sharp bid around its US regulatory plans, and CHIP rallied 40% around a $1 million buyback; that response looks like a bull-market sign. x.com
Ethereum feels weak with no clear catalyst, despite an appealing story of institutional adoption for real utility and infrastructure. The crypto craze may have petered out after about 15 years, and bitter memories of losses from counterparty blowups such as Voyager and FTX may never fade. x.com
Bitcoin benefits as the risk of creating gold through alchemy has entered public consciousness. That perceived threat to gold's scarcity supports a long Bitcoin position as a persistent theme. x.com
Historic debt levels and currency debasement make Bitcoin's role as a store of value more important than ever, countering Jason Calacanis's call to sell it. x.com
Ether faces a fundamental ceiling on valuation because it is not seen as money, and anything not seen as money has that cap. The ETH-as-money idea was right but badly executed; calling ETH a spam-prevention token on a distributed database was the real sin. x.com x.com
ETH is undervalued because collateral and staking create demand L1 fees miss. Aave V3 has 2.2M WETH supplied and 1.75M borrowed on Ethereum. Yet Base reportedly paid Ethereum ~$15K for September data publishing versus $711K to the Optimism Collective, showing weak L1 capture. Absolute stablecoin growth matters more than share, but is not itself ETH demand. The case strengthens when activity creates sustained demand to hold, borrow against or stake ETH, or raises fee burn relative to issuance. … Show more
