Vitalik Buterin Makes the Case for Ethereum as a Store of Value

Brief

By Dextape Desk · November 9, 2026

Ethereum co-founder Vitalik Buterin argues that ETH should be viewed as a store of value rather than a token priced on its fee burns. In a series of posts on X, he said the burn-based case was weaker than it appeared and that chasing it could weaken decentralization. He questioned the net present value model, which estimates worth from fees permanently removed from supply. He also warned that a corporation the size of L'Oreal would need about 700,000 ETH in yearly funding, cutting validator revenue by two-thirds, and that governance would then have to be highly interventionist. Meanwhile, ETH traded above $2,100, down nearly 5% over 24 hours, and spot ETFs recorded a sixth consecutive week of outflows, about $365 million last week.

Why it matters: It signals a shift in how a leading ecosystem figure frames ETH value, away from fee-burn models toward security and censorship resistance.

Mentioned: Ethereum

Summary by Dextape, based on reporting by CryptoPotato. Machine-written from CryptoPotato’s report and checked against it · How Dextape writes