ETH is money
Dear Bankless Nation,
ETH is money.
We were saying it before it was cool.
Actually…it was very uncool when we first started saying it in 2018 and 2019.
- Ethereum developers saw it as as shilly price talk (we argued that price talk and security talk are one in the same).
- Bitcoin maximalists said only bitcoin could be money (we argued that anything that’s used as money can become a money).
- Investors said ETH was just gas and could never be money (we argued that ETH isn’t gas…it’s *gas money* like the PetroDollar).
Speculators laughed at us because ETH price was in the dumpster. Mainstream didn’t care because “crypto is dead”. And the Ethereum community itself was so shaken by the crypto winter it didn’t know what to believe.
“ETH is money” we said.
There was a small group of believers.
Our friends at ETH Hub, DC Investor on Reddit, and members of MolochDAO to name the more visible. There were thousands of silent holders who saw it too.
Lucas published the Trillion Dollar Case for ETH in Bankless when ETH was $163.
“ETH is money” he said.
It still sounded crazy at the time.
This year it stopped sounding so crazy.
Last week a DAO raised $50m to buy one of the original copies of the U.S. Constitution at Sotheby’s. A group of strangers on the internet pooled $50m in capital to bid on one of the most important documents in American history from the most prestigious fine arts companies in the world. An incredible story in itself.
But something else caught my attention as I watched Thursday night’s auction.
At that same auction, countless other priceless artifacts and art pieces were for sale. Bids came pouring in from around the globe denominated in all the world’s major monies—USD, JPY, EUR, CHF….and ETH??
ETH listed among the world currencies?
At Sotheby’s??
Surreal how far we’ve come so fast.
While the ConsitutionDAO end up narrowly losing the auction to a billionaire hedge fund manager 😠, this whole episode demonstrated the power of these internet native capital pools that we call DAOs.
This was the first time in history we’ve seen a crowdfund this grow this large in a 72 hour timespan—and we did it without banks.
The world is learning.
DAOs are powerful.
DeFi is here.
ETH IS MONEY.
No. I’m not worried that crypto prices went down this week.
Here’s what’s lined up for next week:
- Epic podcast with the Head of Crypto at Visa!
- Lucas is dropping the best barbell strategy for crypto natives
- Bankless Nation shares what we’re grateful for :)
Enjoy the weekend.
- RSA
P.S. For more price therapy listen to our episode with quant chartist Ben Cowen.