- Jeff Garzik, a well-known early Bitcoin developer, expressed confidence in Ethereum’s long-term future.
- Ethereum’s recent price surge saw it rise about 60% in the past month, reaching over $3,800.
- Garzik highlighted the widespread adoption of the Ethereum Virtual Machine (EVM) as key to Ethereum’s staying power.
- Spot Ethereum ETFs attracted $2.12 billion in inflows recently, outpacing Bitcoin ETFs for the week.
- Despite competition from other blockchains, Garzik said most new projects continue to build on Ethereum technology.
Jeff Garzik, an early developer involved in Bitcoin’s creation, said he expects Ethereum and its native cryptocurrency to remain significant in the future. He commented on Ethereum’s lasting potential as developers continue to build on its technology.
Ethereum’s price increased to more than $3,800 this week, marking a roughly 60% jump over the last month, according to CoinGecko. This rise came after a previous low of $1,410 in April. Spot Ethereum exchange-traded funds (ETFs) saw inflows of $2.12 billion the week before last, according to Farside Investors, nearly double their previous record and surpassing recent inflows for Bitcoin ETFs.
Garzik explained that Ethereum’s popularity is based on its technology, especially the Ethereum Virtual Machine (EVM), which runs smart contracts and decentralized applications. “I’m not bearish on Ethereum because everybody is building on EVM,” Garzik told Decrypt. He noted that many projects across the crypto industry use Ethereum’s framework, making it a central part of the broader Web3 ecosystem.
After past challenges such as price drops and changes within the Ethereum Foundation, Ethereum’s position has improved. Institutional and corporate interest, including billions of dollars added by companies like Bitmine Immersion Technologies and SharpLink, has helped support its value.
Garzik stated he favors technological strength over price speculation. “I look at it maybe from a different perspective than price,” he said. “What’s going to be here 10 years from now, 20 years from now? I think it’s unquestionably Bitcoin and Ethereum.” He also referred to newer blockchains like Solana, Sui, and Aptos as being untested over time, despite their claims of improved performance.
The EVM’s use in networks such as Avalanche, Polygon, and Arbitrum underlines Ethereum’s influence in the industry. According to Garzik, most developers and new projects still prefer building on Ethereum or EVM-compatible technology.
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