Uploaded June 2026 | Updated September 2026, 2 weeks ago
One of Ethereum's loudest evangelists just sold all his ETH. So is the "ETH is money" thesis dead?
David Hoffman (Bankless) exited his entire ETH position after nearly a decade, arguing the thesis played out. The network keeps winning, but value leaks to L2s, apps and stablecoins, leaving ETH with a weaker claim than the bulls expected.
John Gillen (Milk Road, ex-BlackRock) fired back with one of the most-shared responses: "Wartime Ethereum." His take is that it's far too early to call the game. ETH carries a monetary premium you can't model in a spreadsheet, and the real fight is still ahead. He's not selling. He's staking.
Two ETH bulls. One sold everything. The other doubled down. The Defiant's Camila Russo moderates.
GUESTS
David Hoffman (@TrustlessState) — Co-founder, Bankless
John Gillen (@BitcoinJesusETH) — Lead Macro Researcher, Milk Road
HOST
Camila Russo (@camilarusso) — Founder & CEO, The Defiant
One of Ethereum's loudest evangelists just sold all his ETH. So is the "ETH is money" thesis dead?
David Hoffman (Bankless) exited his entire ETH position after nearly a decade, arguing the thesis played out. The network keeps winning, but value leaks to L2s, apps and stablecoins, leaving ETH with a weaker claim than the bulls expected.
John Gillen (Milk Road, ex-BlackRock) fired back with one of the most-shared responses: "Wartime Ethereum." His take is that it's far too early to call the game. ETH carries a monetary premium you can't model in a spreadsheet, and the real fight is still ahead. He's not selling. He's staking.
Two ETH bulls. One sold everything. The other doubled down. The Defiant's Camila Russo moderates.
GUESTS
David Hoffman (@TrustlessState) — Co-founder, Bankless
John Gillen (@BitcoinJesusETH) — Lead Macro Researcher, Milk Road
HOST
Camila Russo (@camilarusso) — Founder & CEO, The Defiant
