Vitalik Buterin says ether's value rests on stability, not fee burns

Stability instead of fee burns

Ethereum co-founder Vitalik Buterin has moved away from the 'ultrasound money' framing for ether, saying the asset's value comes from stability rather than from fee burns, according to a Decrypt report published on 9 November 2026. The report says he points to decentralization, censorship resistance and security as the basis for that value.

The earlier 'ultrasound money' framing was tied to fee burns on the network. In the Decrypt account, Buterin now places the emphasis elsewhere, on the properties of the network rather than on how fees affect the supply of ether.

The report does not set out a specific proposal, timeline or protocol change attached to the comments.

Recast as a store of value

A second Decrypt article, published on 10 November 2026 as part of its Morning Minute newsletter, described the change as recasting ether as a store of value and called it a big shift from the 'ultrasound money' days.

That piece also asked whether ether can compete as a store-of-value asset. It does not answer the question, and neither report offers figures or a market response to support either view.

Both reports come from the same outlet. The published summaries do not say where or when Buterin made the remarks, whether they came in a written post, an interview or a talk, or whether he addressed any other part of Ethereum's roadmap.

What remains open is how far the framing reaches: whether it is a comment on how ether should be described, or the start of a broader argument about what the network is for. On the material available, that is not settled.