Ryan Sean Adams

Thanks a lot.

Welcome to Bankless, where today we explore the frontier of Ether, productive money.

This is how to get started, how to get better, and how to front run the opportunity.

This is Ryan Sean Adams.

I'm here with David Hoffman, and we're here to help you become more bankless.

Guys, a good old-fashioned ETH is money episode, bullish ETH episode, and it all comes from the content put out by one of our guests, Mike McGinnis.

We have Mike McGinnis on the podcast, also Vivek from Etherialize, who's been a previous podcast guest.

Mike put out this banger essay.

It's just been published this morning.

It's called ETH as Productive Money, ProductiveMoney.org.

Both David and I read this.

We thought it was special because it was a fantastic compilation of all of the things we've been saying about ETH over the years.

And Mike just puts it together in a simple narrative.

And he charts how ETH can go from its current price all the way to $250,000 per ETH if...

if the market were to understand Ether, the asset, as productive money.

Mike, you start the essay like this.

The combined monetary premium of gold and Bitcoin is approximately 36 trillion.

If Ethereum captured that premium distributed across roughly 120 million ETH in circulation, the implied price of one ETH would be approximately 250,000.

Today it trades around 2,000.

This essay argues that the repricing is not only possible, but logically consistent given the monetary properties of ETH.