Odaily Planet Daily reports that Etherealize’s latest research paper introduces the theory of “Productive Money,” suggesting that if Ethereum captures the monetary premium currently held by gold and Bitcoin combined—approximately $31 trillion—its implied price could exceed $250,000, far above the current level of around $2,300.
The report notes that ETH possesses traditional monetary attributes such as scarcity, verifiability, and censorship resistance, and also generates an annualized yield of approximately 2%–4% through staking, enabling it to exhibit a "yield-bearing" monetary characteristic that distinguishes it from non-productive assets like gold and Bitcoin.
In addition, ETH serves as a triple source of demand within the DeFi ecosystem—acting as collateral, a fee-burning asset, and a staked asset—creating a mechanism of supply contraction and value accumulation. The report suggests that, as on-chain finance and asset tokenization continue to develop, ETH is poised to simultaneously possess dual attributes of a store of value and a productive asset.
However, the report also notes that ETH still faces multiple uncertainties—such as regulatory, technological, and competitive challenges—in achieving this valuation path; its long-term value reassessment depends on the market’s recognition of its monetary properties.