Ethereum Is a Giver, Not a Taker: David Hoffman Explains ETH Exit
David Hoffman said Ethereum succeeded technologically, but ETH may no longer see a meaningful structural rerating higher from current levels. Bankless co-founder David Hoffman said he sold his Ether holdings because he believes the long-standing “ETH is money” thesis has already largely played out. Despite this, he remains strongly bullish on Ethereum as a network. According to Hoffman, the decision did not come lightly, given that he built his career, business, community, and identity around Ethereum. Ethereum Chose the Hard Path Unlike Bitcoin In his latest tweet, Hoffman stated that the “ETH is money” thesis depended on Ethereum succeeding across multiple layers of coordination, including decentralized leadership, governance, Layer 2 ecosystems, roadmap execution, and technological development. Hoffman described Ethereum as “not Bitcoin,” and said that Bitcoin simplified its blockchain to maximize the value of BTC, while Ethereum pursued a more ambitious path by expanding utility across decentralized applications, finance, tokenization, and infrastructure. He even went on to add that Ethereum achieved part of that vision and earned the market capitalization it currently has, but said the opportunity for ETH to be significantly rerated higher by the market now appears to be closing. The Bankless co-founder also explained that the broader “strong version” of crypto, which focused