The debate around the health, success, and long-term viability of Ethereum, the world’s second-largest cryptocurrency by market cap, surfaced again as Mike Alfred, a notable value investor, declared that Ethereum (ETH) looks “sick.”
Bill Morgan, a lawyer interested in digital assets, quickly challenged this view. Morgan disagreed with Mike Alfred’s opinion, which painted a gloomy picture of Ethereum.
Mike Alfred’s Ethereum Skepticism
Mike Alfred, known for his engaged value investing, recently expressed his viewpoint on the social media platform X (formerly known as Twitter). In his post, Alfred labeled ETH as appearing “sick” and argued that its much-touted promise as the “world computer” and a platform for “ultrasound money” has not been fulfilled.
Alfred added more fuel to his fire by claiming that the decentralized finance (DeFi) and non-fungible token (NFT) initiatives, two pillars of Ethereum’s appeal, have been “largely abandoned.”
Taking things further, Alfred raised eyebrows by insinuating that ETH co-founder Vitalik Buterin, among other insiders, was “exploiting the protocol for their benefit.”
The investor also touched upon what he perceives as Ethereum’s vulnerability, saying the government might find it straightforward to censor transactions on the Ethereum network. Rounding off his critique, Alfred announced he was divesting himself of his ETH holdings.
Author: Samuel Edyme
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