5 Perspectives on Ethereum: Future Asset or Speculative Bubble?

Jakarta, Pintu News – Ethereum (ETH) is again at the center of discussion in the cryptocurrency market after Haseeb Qureshi, managing partner of Dragonfly, expressed controversial views on how to more accurately value Ethereum.

In an interview with Milk Road Show on December 9, 2025, he asserted that traditional valuation approaches are not suitable for Ethereum. According to a NewsBTC report, this statement sparked widespread discussion about how to view Ethereum-whether as a growth opportunity or a speculative bubble.

1. Alternative Approaches to Valuing Ethereum According to Haseeb Qureshi

NewsBTC reports that Qureshi rejects the notion that Ethereum can be valued like a mature company through traditional ratios such as Price-to-Sales (P/S). He argues that Ethereum should be considered an infrastructure in its growth phase, not an entity that prioritizes short-term profitability.

Transaction fee revenue on Ethereum, in his opinion, should be treated as pure margin because blockchain does not have operational costs like traditional companies.

According to Qureshi, “sales” on a blockchain are not the revenue of the company, but more akin to the GDP or GMV of the ecosystem that runs on it-numbers that are not measurable at the protocol level. NewsBTC asserts that this approach challenges the fundamental assumptions of traditional analysts regarding how crypto asset valuation should be done.

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2. Ethereum Compared to Amazon in Early Growth Phase

In the NewsBTC report, Qureshi compared Ethereum to Amazon when the company was still prioritizing aggressive growth. Amazon didn’t turn a profit for nearly two decades, yet the market still gave it a very high valuation because of its potential. In 2013, Amazon’s P/E ratio even reached over 600-far above Ethereum’s current P/E figure of around 380.

According to Qureshi, if transaction fee income is treated as net income, then comparing Ethereum’s P/E ratio to Amazon’s historical P/E is a more appropriate method than using the P/S ratio. He emphasized that Ethereum is a technological infrastructure that is still building its foundations, similar to the early internet or e-commerce. This approach provides a long-term context for Ethereum’s growth potential.

3. Market Skepticism and Criticism of Ethereum Valuation

However, NewsBTC notes that Qureshi’s views are not universally accepted. Investors such as Santiago “Santi” Santos argue that Ethereum’s current valuation is too high, with P/S ratios reaching over 300. According to Santos, this is far beyond the ratios of mature companies and raises concerns about the risk of a speculative bubble.

These criticisms point to fundamentally different perspectives on how to value crypto assets. While Qureshi sees Ethereum as an emerging economic engine, skeptics argue that the current price does not reflect realistic financial performance. These perspectives enrich the debate on whether Ethereum is an investment of the future or an asset with the potential for a valuation correction.

4. Ethereum as the Infrastructure of the Future According to Its Supporters

NewsBTC highlights that Qureshi remains optimistic about Ethereum’s prospects. He argues that Ethereum and other Layer-1 networks are in a phase of exponential development, similar to the growth of internet infrastructure in the 1990s. This comparison underscores the belief that blockchain will be a critical component of the future digital economy.

Proponents of this approach believe that the development of decentralized applications, DeFi activities, tokenization of assets, and the growth of the on-chain economy will strengthen Ethereum’s position as the backbone of the web3 ecosystem. In this context, high valuations are thought to reflect market expectations of future potential, not current conditions.

5. The Future of Ethereum: Growth or Bubble?

NewsBTC notes that the debate over Ethereum’s valuation will likely continue to evolve as the technology innovates and the crypto market dynamics. The divergent opinions reflect the fundamental uncertainty regarding how digital assets play a role in the modern economic landscape. Optimistic and skeptical perspectives alike make important contributions to understanding Ethereum’s current position.

Whether Ethereum is a promising long-term investment or simply a speculative bubble depends on how the technology develops and the extent to which global adoption can be achieved. With the blockchain industry continuing to move fast, Ethereum’s evaluation will continue to change as new data and use cases emerge.

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FAQ

What is Ethereum (ETH)?

Ethereum (ETH) is a blockchain platform for building and running decentralized applications with ETH native tokens as a means of payment.

Who is Haseeb Qureshi?

According to NewsBTC, Haseeb Qureshi is the managing partner of Dragonfly, an investment firm focused on blockchain technology.

What is the difference between P/E and P/S ratio?

The P/E ratio measures price versus net income, while the P/S ratio compares price to the company’s gross income.

Why is Ethereum compared to Amazon?

This comparison arises because both are considered to be in a long-term growth phase, where short-term gains are not a top priority.

What are the main criticisms of Ethereum’s valuation?

NewsBTC notes that some investors, such as Santiago Santos, think Ethereum’s P/S ratio is too high, reflecting excessive valuation risk.

Reference

• NewsBTC. Ethereum Valued Like Amazon: Dragonfly Qureshi. Accessed December 12, 2025.