Andrew Keys, co-founder and chairman of the Ether Machine, recently made headlines by publicly stating he owns no Bitcoin and prefers Ethereum as the superior long-term investment. In a interview on CNBC’s Squawk show, Keys compared Bitcoin to outdated technology, saying, “I’d rather have an iPhone than a landline,” making clear his belief that Ethereum is more advanced and better positioned for future growth.
Keys’ bold stance places him among a smaller group of crypto leaders who are all-in on Ethereum. While many investors hold a mix of Bitcoin and Ether, Keys has gone the opposite route—choosing to hold only Ethereum. He believes the blockchain’s functionality, especially its ability to power smart contracts, gives it a stronger real-world use case than Bitcoin, which he views as outdated.
One of the major points in Keys’ argument is the growing importance of stablecoins. He strongly supports the GENIUS Act, a new U.S. law passed on July 18 that outlines rules for stablecoin issuers. The law aims to bring clarity by requiring audits, proper reserves, and licensing for companies offering stablecoins. Keys believes this legislation will open the door for stablecoins to become a major part of the financial system—and Ethereum is already leading the way.
Over 50% of all stablecoins currently operate on Ethereum’s smart-contract network. With predictions that stablecoin transactions could reach the trillions, Ethereum is in a strong position to benefit. Validators and decentralized apps (dApps) on Ethereum stand to earn large transaction fees as the ecosystem grows.
Keys compares Ethereum’s dominance in stablecoins to Google’s grip on online searches. Just as Google handles about 90% of internet searches, Ethereum controls the majority of stablecoin activity. He believes this leadership will draw institutional investors who want reliable, programmable digital assets for real-world use.
Supporting this belief, Keys pointed to major financial institutions and funds that are already exploring Ethereum for use cases like settlements, tokenization of real-world assets, and decentralized finance (DeFi). According to him, Ethereum’s infrastructure is ideal for managing cash-like tokens, making it easier for banks to operate within blockchain systems.
Keys is not just talking—he’s backing up his words with action. The Ether Machine is set to go public through a merger with a SPAC firm called Dynamix Corporation. The merged company will be listed on Nasdaq under the ticker symbol ETHM. As part of this plan, Keys is personally investing $645 million as an anchor investor. The firm aims to raise $1.5 billion to support a treasury of ETH, staking programs, and DeFi projects. Major crypto investors such as Pantera Capital, 10T Holdings, and Electric Capital have also pledged support.
However, Ethereum still faces challenges. Some transaction activity has shifted to Layer-2 solutions like Arbitrum and Optimism, which offer faster and cheaper transactions. Competing blockchains such as Solana and Avalanche also host parts of the stablecoin and NFT markets. This growing competition could take away some of Ethereum’s market share and fee revenue.
Additionally, the SPAC route comes with risks. The ETHM deal still needs to clear SEC reviews and depends on how many shareholders opt to redeem their shares. There’s also regulatory uncertainty around Ethereum staking, with some experts warning the SEC might classify it as an unregistered security.
Another concern is Ethereum’s gas fees. When the network becomes congested, transaction costs can rise sharply. These high fees can make the network less attractive to new users and limit adoption during busy periods.
Despite these risks, the overall outlook for Ethereum remains strong in Keys’ eyes. He points to long-term gains from the ecosystem’s role in finance, tech, and global settlement systems. Ethereum’s ability to support real-world use cases, especially through smart contracts and stablecoins, positions it as a powerful platform for the future.
In summary, Andrew Keys is doubling down on Ethereum and leaving Bitcoin behind. His belief is rooted in Ethereum’s dominance in key sectors like stablecoins and DeFi, its technical flexibility, and the growing interest from major financial players. As the Ether Machine heads toward a major Nasdaq listing, Keys is making it clear: in his view, Ethereum is not just a better bet—it’s the future of blockchain.
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