Etherealize报告：ETH作为生产性货币，长期目标价超25万美元

Just was rereading this report by @Etherealize_io. Their productive money thesis is that ETH uniquely qualifies as an objectively better form of productive money, albeit one that's still widely understood by the market.

"Productive money will outcompete dead capital. Over a long enough time horizon, productive assets outperform unproductive ones, because productive assets compound. The only question is how long it takes the rest of the world to figure that out [with ETH]."

In the report, they make "the case for ETH as a superior monetary good—and how, if it captures the monetary premium currently held by gold and BTC, the implied long-term price could exceed $250,000 per token."

They highlight the combined monetary premium of gold + BTC = $25.5 trillion. If ETH ever captured that premium, distributed across 121 million ETH in circulation, the implied price per ETH would be $211,535. Today, ETH is trading around $1,600, which would require ETH to re-rate 131x in the future.