🧨 Is Ethereum overvalued? Fred Krueger's analysis

Fred Krueger launches a direct critique of the price of Ethereum (ETH), even amidst its historical high close to $5,000. His argument: the value of $ETH is not justified by its actual revenues.

🧠 Key points of the argument:

• Hypothetical scenario: all card purchases are made via stablecoins on Ethereum.

• Estimated revenues: $11.800M in annual fees.

• ETH captured: only $1.800M would go to ETH; the rest is absorbed by exchanges and wallets.

• Current market capitalization: $575.000M.

• Comparison with tech stocks: Apple/Google trade at 25–30x earnings. ETH would be at 320x.

🔍 Valid critique or useful provocation?

Although the analysis questions the bullish narrative of ETH as the dominant infrastructure, it omits key factors:

• ETH as a reserve asset in Web3.

• Its security and decentralization.

• The growth potential in DeFi, NFTs, GameFi, and more.

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