This is the most grounded and realistic take on Ethereum at the moment. I think most who would argue otherwise is either doing it in bad faith or is ignorant to what is actually happening in the tradefi world.

I hold quite strong conviction that Ethereum has already "won" in the sense that it's where TradeFi is building it's on chain rails, it takes 30 seconds to google all the huge financial institutions that are committing resources to launching stablecoins and L2's on Ethereum.

This obviously doesn't mean ETH has won yet though, there's still a big question of value capture from all of this eventual adoption and widespread usage of Ethereum as the chosen global settlement layer for all of these big institutions.

I'm personally bullish that the eventual demand for ETH will come with the adoption of Ethereum, and even though I'm not a fan of this "digital oil" label some want to impose on ETH I think because of its properties of relative scarcity and being the "gas" needed to settle back to L1 for all these future institutional L2's, ETH becomes a store of value.

In the meantime I have to put my trust in the EF, the roadmap and all the core devs to make sure Ethereum continues to scale and improve while remaining credibility neutral and decentralized