David Hoffman

David sold his ETH because the "ETH-is-money" thesis, while not failing, won't deliver asset rerating despite Ethereum's network success. He argues L1 assets are valued on revenue share (where ETH lost dominance post-2022), crypto's reputation never recovered outside 2020-2022, and Ethereum's architecture as open-source infrastructure means it captures less value than the utility it provides—stablecoins on Ethereum ($163B, up 54x from $3B) help dollar hegemony more than ETH itself. He remains bullish on Ethereum but sees limited structural upside for the ETH asset.

David Hoffman argues ZEC is building genuine momentum as Bitcoin becomes institutionalized and loses its cypherpunk edge. Privacy is ZEC's monopoly—unlike Monero's regulatory liabilities, ZEC's hybrid "compliant-privacy" model positions it for Grayscale ETFs and Wall Street adoption while wealth taxes and capital controls create tailwinds. ZEC's shielded addresses also offer quantum resistance Bitcoin lacks, with quantum-recoverable wallets shipping soon and full post-quantum architecture targeted within 12–18 months, creating asymmetric upside as traders eye the "10% of Bitcoin" meme target of $160B market cap.