This article discusses the metaphor of Ethereum (ETH) as 'digital oil' and its validity. It reviews the importance of oil during World War II, pointing out that the scarcity of oil resources determined the outcome of the war. The article then analyzes how the metaphor 'data is the new oil' influences the technology and cryptocurrency sectors, particularly the Ethereum ecosystem. The report predicts that ETH could reach a value of $8,000 in the short term and potentially even $706,000 in the long term, based on its comparison with the global $8.5 trillion oil market. However, the article highlights several challenges to this metaphor: major 'gas' consumers of Ethereum, such as Uniswap and Tether, are turning to more energy-efficient solutions; Ethereum faces fierce competition from other Layer 1 blockchains; and Ethereum's economic scale is still insufficient to grant ETH a dominant position like that of oil. The conclusion suggests that while ETH may become a global reserve asset, referring to it as 'digital oil' remains difficult for institutional investors to accept.

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