Ethereum—an open-source, collaborative blockchain software protocol that enables instant, permissionless 365/24/7 global value transfer*—we believe is on pace to generate $18B in revenues this year on gross transaction value of $4T. We believe investors may be underestimating the threat it poses to both Wall Street and global internet profits.
Our bull case scenario implies ETH market cap above $2 trillion, but that requires successful execution on a crucial product upgrade scheduled for July. Bears on the other side believe ETH 2.0’s massive capacity increase will fail to attract latent demand, and worry about the protocol’s pro-cyclical monetary policy leading to “inflation”.
We’ll lay out the pros & cons that lead us to lean bullish on this emerging growth asset.
• What is Ethereum?
• Stablecoins: Ethereum’s first killer app
• Decentralized finance (DeFi) and Web 3.0: the next killer apps
• ETH 2.0: the supply side debate
Head of Digital Assets Research
European time: Tuesday, 22 June 2021, 3:00 PM CEST