Vitalik Buterin Says ETH’s Value Lies in Stability, Not ‘Ultrasound Money’

Buterin's retreat from the 'ultrasound money' framing is a notable rhetorical shift for Ethereum's most influential voice, since that narrative had become a core part of how the asset's economics were marketed. By grounding value in decentralization, censorship resistance and security instead of fee burns, he implicitly acknowledges that burn-driven scarcity is a fragile basis for valuation when network activity varies. Whether the broader market follows this reframing — or keeps leaning on supply mechanics — is the open question worth watching.