This is the bull thesis for Ethereum and ETH in a nutshell: Global monetary and financial systems are weakening and have likely reached a point of no return. USD remains relatively stronger than other fiat currencies, but it is still in decline, and rescuing it has become politically impossible. The world increasingly needs a successor to existing fiat currencies that is sound and globally accepted. The alternatives are gold, BTC, or ETH. Gold almost always requires trusted third-party custody to function at scale. Its reserves are difficult to audit, authenticate, and transact with efficiently. In the past, it became obsolete as a currency because it carries too much friction. It remains historically significant as an asset, but it is not suitable for a global digital economy. BTC’s digital friction is analogous to gold’s physical friction. It is not sufficiently programmable, it does not scale, and its development culture has become dysfunctional enough to represent a systemic risk. BTC also carries two unique burdens: it is still overwhelmingly subsidized by issuance while onchain demand continues to dwindle, with no clear sign of reversal, and it has a major institutional holder carrying irresponsible long exposure funded by debt obligations and negative cash flows. BTC is technically unsuitable and structurally compromised. ETH is the frictionless alternative. It is the digital asset backing the internet of finance, where institutions are building the future of financial markets and services. It is scaling exponentially, integrates directly with the digital economy, has earned the reputation and regulatory merit of being officially classified as a digital commodity, and is slowly but surely gaining traction as a digital store of value that is structurally efficient, economically sustainable, and built for the future.

In all seriousness, I doubt Saylor will ever buy ETH, but refusing to consider it looks more ideological than rational. BTC’s market cap is currently more than 6x larger than ETH’s. If Saylor rotated roughly one-sixth of MSTR’s BTC capital into ETH, he would move toward a market-cap-balanced treasury, reduce overall concentration risk, and give MSTR direct exposure to the internet of finance (stablecoins and tokenization), while also generating much-needed cash flow to help pay dividends and debt obligations. @fundstrat and @saylor should be talking about this.