Why I Bet on Ethereum: Stablecoins Are the Real Crypto Revolution (Not Bitcoin)

The Real Bet Isn’t BTC—It’s Gas Fees

I don’t buy Ethereum because it’s ‘digital gold.’ Bitcoin’s story is trustless scarcity. Ethereum’s story? Programmable money—and right now, that means stablecoins.

Circle, USDC, USDT: 80% of their volume flows through ETH. That’s not a side effect—it’s the core architecture. When JPMorgan, Walmart, or Goldman issue their own stablecoin? They don’t build on Solana. They build on Ethereum.

Why Institutions Are Quietly Accumulating ETH

You think they’re buying ETH as a speculative asset? No.

They’re buying it because every dollar transacted via stablecoin burns gas on Ethereum.

With \(250B in circulating stablecoins (up 300% YoY), and 50% minted on ETH—the gas revenue alone could hit \)10B/year if adoption grows 10x.

This isn’t speculation. It’s rent collection on digital infrastructure.

Tesla Was Never Just a Car Company—Neither Is ETH

People say Tesla trades at 200x P/E? Madness. But if you drive one? You know its value isn’t in financials—it’s in vision. Same with Ethereum. It doesn’t trade at $2,400 because analysts model DCFE cashflows—it trades there because it hosts the world’s largest financial OS. No second platform can match its composability. That’s not an investment thesis—it’s a monopoly of code.

The Treasury Play: ETFs Can’t Win—Jails Do

Buying an ETH ETF? You pay fees and lose control. A treasury firm like MicroStrategy buys ETH directly, mints new shares when price rises, buys back volatility via derivatives, can acquire other treasuries if NAV diverges—the whole stack is leveraged upside down. That’s called ‘reflection growth.’ The market doesn’t see it… yet. But when BlackRock or State Street starts issuing USD-pegged bonds on-chain? The game changes overnight.