As the crypto landscape evolves, a persistent narrative overshadows the industry’s revolutionary potential: price obsession. Cryptocurrency, particularly Bitcoin and Ethereum, often finds itself evaluated through a single, narrow lens—”numbers go up.” This fixation is evident in the fevered chatter over Bitcoin hitting astronomical numbers or Ethereum potentially doubling overnight. Yet, this approach, akin to appraising Apple solely by its stock price while ignoring the iPhone, neglects the profound technological transformation underfoot.
The Cult of Price
In the traditional financial world, value is intricately linked with usage. Companies like Apple and Nvidia thrive not merely due to their stock prices but because they produce indispensable products—the iPhones we can’t live without, the GPUs essential to AI. Their stock prices reflect product-market fit, a principle often inverted in the crypto sphere. Here, price seemingly leads, relegating other factors to the sidelines. This is where “Saylorism”—a term derived from Michael Saylor’s Bitcoin-centric investment philosophy—comes into play.
MicroStrategy’s Michael Saylor paints Bitcoin not as a currency or platform but as a speculative vault. This ideology suggests Bitcoin’s primary utility is in holding, borrowing against, and repeating the cycle. It’s a circular paradigm where Bitcoin’s value is internalized, its worth derived from the assumption of perpetual appreciation.
Ethereum: A Different Path
Contrast this with Ethereum, the second-largest cryptocurrency by market cap, which has carved out a distinct identity. While Ethereum, too, is not immune to the gravitational pull of speculation, its value proposition is firmly anchored in utility. Ethereum transcends being a mere store of value, functioning as the lifeblood of decentralized applications. It facilitates billions in stablecoin transactions, mints NFTs, and supports decentralized finance (DeFi), among other functions. According to blockchain analyst Lisa Daniels, “Ethereum’s ecosystem sees ETH as more than just currency; it’s a means to power the digital economy.”
The demand for ETH is a reflection of the network’s usage. As more individuals engage with Ethereum, the need for ETH escalates. Additionally, the burning of ETH through transaction fees constrains supply, intertwining price with activity rather than sheer belief.
Synergies and Shared Opportunities
So, what happens when Bitcoin and Ethereum, often perceived as rivals, find common ground? Ethereum emerges as a potent gateway for Bitcoin holders to access the DeFi realm, where no network parallels Ethereum’s depth and maturity. Converting BTC into Ethereum-compatible assets unlocks a dynamic ecosystem of lending, staking, and yield generation—a stark contrast to Bitcoin’s static holding model. Platforms like Aave and MakerDAO exemplify this synergy, offering Bitcoin holders a chance to inject their assets into a thriving digital economy. This potential for Bitcoin DeFi to surpass Ethereum and Solana in user adoption was highlighted in our recent coverage.
The result is a mutually beneficial relationship: Ethereum gains liquidity, while Bitcoin acquires much-needed utility. This collaboration amplifies the strengths of both networks, demonstrating the transformative potential of interoperability. As noted in our analysis of Franklin Templeton’s Bitcoin DeFi initiatives, institutional backing further underscores the emerging utility of Bitcoin in decentralized finance.
Looking Beyond Price
For the cryptocurrency industry to mature beyond its speculative adolescence, it must shift away from price obsession towards a focus on utility. This means asking the hard questions: What problem does this protocol solve? How does it contribute to the broader ecosystem? Value should stem from participation and real-world utility rather than ideological price action.
The most valuable technologies are not those with the flashiest tickers but those that facilitate adoption and meet genuine needs. Ethereum’s growth trajectory mirrors that of early Amazon—difficult to quantify by conventional metrics but undeniably serving a burgeoning ecosystem. As crypto continues to evolve, its long-term success hinges not on the dopamine hits of daily price charts but on the tangible, lasting value it provides.
In the end, the future of cryptocurrency lies in its ability to transcend the cult of price, embracing a more nuanced narrative that celebrates its role as programmable money, digital property, and a new economic layer of the internet. The journey from speculative asset to indispensable utility is where crypto’s true value will ultimately be realized.
Source
This article is based on: Don’t Let the Cult of Price Hold Crypto Back
Further Reading
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Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
