Etherealize: Ethereum may hit $250k, drawing attention to productive currency narratives

ChainCatcher news: Etherealize’s latest research report proposes the “Productive Money” theory. It suggests that if Ethereum captures the current monetary premium of roughly $310 billion combined from gold and Bitcoin, its implied price could exceed $250k—far higher than the current level of about $2,300.

The report notes that ETH has not only traditional currency attributes such as scarcity, verifiability, and censorship resistance, but can also generate approximately 2%–4% annualized returns through staking, giving it a “yield-bearing” money feature and distinguishing it from non-productive assets like gold and Bitcoin. In addition, within the DeFi ecosystem, ETH has three sources of demand: “collateral asset + fee burning + staking lock-up,” forming a supply contraction and value accumulation mechanism.

The report argues that as on-chain finance and asset tokenization continue to develop, ETH is expected to have both the “store of value” and “productive asset” dual attributes. However, the report also warns that achieving this valuation path still faces multiple uncertainties, including regulation, technology, and competition. Its long-term value re-rating depends on how much the market recognizes ETH’s monetary attributes.