Morning Minute: Vitalik Recasts ETH as a Store of Value

Vitalik Buterin urged Ethereum holders to value ETH for its stability, decentralisation, censorship resistance and security, rather than primarily for fees burned by network use. The shift matters because Ethereum’s roll-up strategy has moved activity and fees away from its main network, weakening the “ultrasound money” argument that supply reductions make ETH more valuable.

In the first nine months of 2026, fee burning offset about 2% of issuance, while ETH supply grew by 0.64%. Buterin argued that trying to maximise fees would mean encouraging congestion and costly blockspace, potentially undermining Ethereum’s appeal; he also said fee burning was never a reliable price floor. Supporters are advancing the store-of-value case, but ETH faces competition from Bitcoin’s established position and from Zcash’s privacy-focused pitch.