A bold new valuation model for Ethereum (ETH) is making waves across the crypto community. Ryan S. Adams, host of the prominent Bankless podcast, made a sensational claim on X, suggesting Ethereum could skyrocket to $740,000 per coin.
In his post, Adams dubbed Ethereum “Digital Oil,” likening its utility and scarcity to physical oil. He backed his claim with a high-production infographic and an aggressive valuation method, proposing an $89 trillion market cap for ETH.
🧮 How Adams Arrived at $740K ETH:
Adams compared its future market cap to a basket of global assets:
- Oil: $85 trillion
- Gold: $22 trillion
- Global Bonds: $141 trillion
- Global GDP: $106 trillion
- M2 Money Supply: $93 trillion
Averaging these gives $89 trillion, which, when divided by ETH’s current circulating supply, lands at the jaw-dropping $740,000 per ETH.
This echoes Electric Capital’s 2021 projection of a $20T ETH, although Adams’ estimate is far more bullish.
💬 Community Reactions: Bullish and Brutal
- Supporters:
Simon from MoonRock Capital called it spot-on:
“Ethereum is digital oil, and it’s going to $740K per $ETH.” - Critics:
Ryan Connor, Head of Research at BlockWorks, called the method flawed:
“GDP isn’t a tradable asset. Averaging it with oil and bonds is meaningless.”
Others pointed to ETH’s current price near $2,760, noting the huge gap between reality and this ultra-bullish vision.
🔍 Context: Why This Matters
Ethereum has over $65B in Total Value Locked (TVL) in DeFi (once peaking at $105B) and continues to gain traction with institutional players. Ark Invest previously predicted a more conservative $180K ETH by 2030, still a massive leap from today.
Despite the skepticism, Adams’ post has sparked renewed interest in Ethereum’s long-term role—not just as a DeFi enabler but potentially as a global store of value.
You might also like: Bitcoin Dips Below $103K After Israeli Airstrikes on Iran; Ethereum Slides 11%