Arca’s Jeff Dorman Calls Vitalik Buterin’s ETH Store-of-Value Pitch ‘Really Misguided’

The pushback is notable less for the disagreement itself than for who is making it: a fund executive publicly disputing the framing of Ethereum's own co-founder. Dorman's argument reframes the store-of-value debate as a question of how much of ETH's valuation rests on measurable fundamentals versus narrative, a distinction that cuts across holders and builders alike. Whether this critique gains traction among institutional allocators weighing ETH against other assets is the open question.