Simply put
- Early Bitcoin developer Jeff Garzik has expressed a strong belief in Ethereum, citing an “ultra-long term view” of the platform.
- Ethereum remains a prominent project in the Web3 space, largely because of the utility and widespread adoption of its virtual machines.
- This week, ETH prices have surged past $3,800, reflecting a 60% increase over the last month.
Recent data indicates that Ethereum’s price has surpassed $3,800 this week, showcasing a substantial increase. According to Coingecko, it appears that we’re nearing what could be termed “ETH season.”
Yet, as altcoins rise from previous lows, a pressing concern lingers for token holders: will this resurgence in ETH sustain?
Garzik, who has a background as a Bitcoin programmer and collaborated with its creator over a decade ago, believes that Ethereum and its tokens flourish mainly due to their practical applications and widespread acceptance.
“Everyone relies on EVM, so I’m not concerned about Ethereum’s strength,” Garzik commented. This refers to the Ethereum Virtual Machine, which is a vital engine for executing smart contracts on the Ethereum network.
Support for Ethereum from Bitcoin early adopters comes as Layer-1 technologies seem to be mending from past confidence issues, especially after ETH’s downturn to $1,410 on April 7.
The Ethereum Foundation has also experienced leadership changes, and there’s some apprehension that it might lag behind in competition, especially as some investors raise doubts about its future direction.
Nevertheless, Ethereum’s outlook has brightened recently. It reached $3,844 on July 21 and has climbed, getting closer to its previous high which is about $1,000 away. In November 2021, the peak was set at $4,878, bolstered by significant institutional investments in altcoins.
Ethereum spot ETFs have marked a value of $2.12 billion, almost doubling the prior records and surpassing Bitcoin ETF flows last week.
In a similar vein, the Ethereum Finance Company Splate, which involves Bitmine Immersion Technologies and Sharplink, has seen billions in ETH added to its assets recently.
Garzik attributes the renewed interest not merely to recent investor movements, but to the technical contributions that Ethereum has made, suggesting this bodes well for the project’s long-term success. He’s involved with the Hemi Network, a Layer 2 network compatible with both Bitcoin and Ethereum, which launched its mainnet in March.
“I consider it from a long-term perspective rather than just price,” he stated, pondering where we’ll be in 10 or 20 years and affirming that it will likely still be Bitcoin and Ethereum leading the way.
While he didn’t provide specific ETH price forecasts, he emphasized that Ethereum’s technology is foundational to much of the crypto ecosystem.
“It’s the primary choice for developers, and it underpins smart contracts,” he noted. “Everyone is interested, be it Layer-1 or Layer-2.”
The EVM has found application in many well-known blockchains, including Avalanche, Polygon, and Arbitrum.
When asked about competitors, like Solana, Sui, and Aptos—who operate with their own nodes and programming languages instead of the EVM—Garzik remarked that while they may seem like formidable opponents, they lack the time in the market to establish a comparable presence.
Using humor to illustrate the competition, Garzik referenced a joke about Microsoft during the late ’90s browser wars, suggesting that some newer blockchains might resemble a car designed by Microsoft: incredibly fast but prone to crashes and unexpected behavior.
