David Hoffman sells all ETH, cites thesis maturity

David Hoffman sold all his ETH, saying the "ETH Is Money" thesis has matured. He remains bullish on Ethereum but sees little room for major ETH price gains, sparking industry debate.

David Hoffman, co-founder of Bankless and a prominent Ethereum advocate, has sold all his ETH holdings, stating that the "ETH Is Money" thesis has matured. While Hoffman maintains confidence in Ethereum as a network, he believes the narrative that ETH will be fundamentally revalued as money has largely played out. He argues that Ethereum’s architecture, which prioritizes utility, decentralization, and ecosystem growth, has mainly benefited applications, rollups, and stablecoins rather than ETH holders. As a result, Hoffman sees limited potential for significant ETH price appreciation, with its value now reflecting the network’s actual progress. Hoffman’s decision has sparked widespread discussion about the relationship between Ethereum’s development and ETH’s price, especially as competition from other blockchains and Layer-2 solutions increases. Despite selling his ETH, Hoffman remains optimistic about Ethereum’s future as a technology platform.