Qiao Wang stated that Ethereum (ETH) is currently at “oversold” levels, similar to the lows following the Terra collapse in 2021, the bear market in 2018, and the DAO hack incident in 2016. At such price levels, it is indeed hard to resist the urge to buy.
However, such remarks are bound to attract challenges from Ethereum skeptics in the current market environment. VanEck senior investment analyst Patrick Bush pointed out that the timing of previous Ethereum rebounds typically occurred when it was still the “most powerful smart contract platform,” boasting a more cohesive community and relatively few competitors. However, the market environment has changed. The current question is: “What catalysts can attract buyers back? What changes does Ethereum need to make to rekindle interest?”
In response, Qiao Wang expressed a cautiously optimistic outlook on Ethereum’s long-term prospects, believing it remains the most likely platform for institutional adoption. He also stated that regardless of how bleak the outlook for an asset may be, there is always a price that makes it worth holding. Qiao Wang also attached an article he published at the end of 2023, elaborating on why Ethereum is the only institution-friendly smart contract chain.
According to a previous report by Zombit, Qiao Wang revealed in a podcast earlier this February that he had sold his ETH holdings, which he had owned for ten years. He remarked, “By the way, the reason I say this is because I have held ETH since the genesis block of Ethereum… I sold it last year, but I held it for 10 years. Imagine holding an asset for 10 years, and then suddenly realizing, ‘Damn, it might be over.'”