Ethereum Valuation: Utility vs. Narrative as Key Drivers

A debate about Ethereum’s price movements highlights a crucial tension in how investors value the world’s second-largest blockchain. Cryptographer Nick Szabo and Ryan Watkins, co-founder of Syncracy Capital, offer contrasting frameworks for understanding Ethereum’s valuation. While Szabo argues that Ethereum’s design hinders a clear link between its utility and token price, Watkins believes narratives and relative comparisons drive Layer-1 prices more than spreadsheet models.