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Santiago explains why ETH is overvalued “ETH is a 380B asset. It will crank out 1B in fees. That’s a 380 times price-to-sales ratio. Amazon never traded at more than 28 times at the peak of the dotcom bubble”

Counterparty

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487,515 views • 10 months ago •via X (Twitter)

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33 Comments

Leo Lanza | Lanza.eth10 months ago

ETH is a commodity not a software company. Commodities are not valued based on revenue. They are valued based on supply and demand dynamics. Please learn basic economics.

Money Plane10 months ago

Lol at using price to sales ratio in crypto

William Mougayar10 months ago

What an idiotic statement. Shows no understanding of blockchain as a platform. Ethereum is not a company. It is critical infrastructure. It is not a platform that extracts value from users. It is not a product that can be optimized for revenue. It is no more reasonable to value Ethereum based on gas revenue than it is to value TCP/IP based on packet fees.

Nelson10 months ago

How does this guy mid-curve so consistently on something he spends so much time thinking and talking about. It’s honestly impressive.

⟠10 months ago

Thank you. Great bookmark for my multi trillion ETH victory lap

mert10 months ago

oh man can't wait for the QTs on this one

Maxime Desalle10 months ago

Agree ETH is overvalued, but exclusively relying on a P/S ratio to value ETH is ridiculous. There are many other properties to ETH (secures the network, monetary premium by being the native asset on L2s, etc.), it can't be compared to a regular stock.

Nomad10 months ago

Actually BTC is overvalued because $ETH deprecates $BTC Once we accept the premise that monetary standards (gold, BTC, or any single "backing" asset) become obsolete because everything trades directly on a unified, global, decentralized ledger: The base layer token always captures the network's value in a winner-take-most system When Apple shares trade directly for Tesla shares, or USD for RMB, or real estate fractions for wheat futures — all settled atomically on the same ledger — the only asset that is universally required for every single transaction is the native token that pays for blockspace/security (ETH). Asset 1 -> Asset 2 (without needing Gold or BTC) ETH becomes the unavoidable unit of account for fees, the collateral for staking, the gas for execution, and the settlement assurance.

MoneyMovement.eth10 months ago

@santiagoroel Honestly impressed with the level of mid curve that is @santiagoroel Very embarrassing to hear him speak - he should consider retiring from public facing stuff after this

Jacob Franek10 months ago

TIL that the Japanese Yen and Oil should be valued on their P/E ratios

🧵🍊Ibraheem10 months ago

On Fusaka day? You couldn’t release this tomorrow?

SamAlτcoin.eth 🌞10 months ago

Santi told everyone to rotate ETH into SOL at the lows and has been coping ever since.

Sage10 months ago

Totally agree! The board should fire the Ethereum CEO and invest more into marketing

nΞxt alphaa 🛡️10 months ago

we're putting the global economy onchain and ETH secures it see you at 100k ETH 🤝 Ethereum 🤝 L2s what a santi receipt lmao

rob10 months ago

@santiagoroel who remembers this?

suppression10 months ago

@santiagoroel You can’t stop talking about it though

AZKicks10 months ago

My name is Santiago, and I'm retarded.

supremeleadoor10 months ago

Thoughts? @santiagoroel

Rittenhouse Research10 months ago

@notthreadguy Hi @santiagoroel - what’s the price to sales ratio of Helium?

Daito 💚10 months ago

Santiago is an idiot or selling an alt L1 or both.

Choo10 months ago

If that's how you determine value then BTC is cooked.

dihydrotestosterone10 months ago

This idiot just talked with @RaoulGMI and didn’t learn a damn thing. He said the same stupid shit and raoul told him you can’t value blockchains with P/E models like stocks because crypto is valued by the network effects. This guy.

@tomkruise10 months ago

three retards walk into a bar

AdrianoFeria.eth 🦇🔊 🛡️10 months ago

There you go...

Nifty DEL10 months ago

Santiago has bags of coins that require ETH to fail in order for them to succeed. Dont fall for these tricks

Gold⛓️🤠10 months ago

Shorting eth with 100x leverage rn

ObsidianDark10 months ago

Damn imagine him looking up BTC. There is no revenue but had a 2.5t Mcap. Clowns being clowns 🤡

Counterparty10 months ago

FT @notthreadguy @santiagoroel @hosseeb

vanya2h10 months ago

It is a commodity you dumb idiot.

ibu10 months ago

lol

Curious J10 months ago

L.

Kris Kay | 🎲 444 Capital10 months ago

guy who wrote think pieces about memes and his WIF investment is now applying P/S to L1s lmao

Homie G (ByTheG)10 months ago

this is why tradfi investors should stay out of crypto lmao

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Standard Chartered’s Geoffrey Kendrick explains his $40,000 ETH price target by 2030 “I think a lot of [tradfi activity] happens on Ethereum Layer 1. I think about how BlackRock rolled out BUIDL, for example — all on layer 1 Ethereum… which I think is a more logical playbook for how tradfi will approach this buildout in the next year. And if you assume that more activity equals higher token price — which I think is correct (today I find the best measure is fees paid on the applications or protocols built on the Ethereum network) — I think that means ETH outperforms now and for the foreseeable.” Geoffrey Kendrick is the Global Head of Digital Assets Research at Standard Chartered and former Head of Asia FX & Rates Strategy at Morgan Stanley. He believes the ETH/BTC ratio will go from 0.03 today to 0.04 by the end of 2026, which is a $4,000 price target for ETH at $100,000 BTC. “My long-term forecast is $500,000 BTC by 2030 and $40,000 Ethereum by 2030… roughly 20x [for Ethereum], but a huge outperformance [versus Bitcoin] as well. And it’s because all the use cases we’ve been talking about, will almost all happen on Ethereum.” Source: @MilkRoadMacro Milk Road Crypto (Mar 2026)

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34,528 views • 3 months ago