SummaryEthereum can be seen as a commodity since it fuels the Ethereum blockchain.ETH is almost deflationary after the merge, which will make it much more valuable in the future.No matter what happens going forward, inflation/deflation, I believe Ethereum will perform very well.Thesis SummaryEthereum (ETH-USD) is set to become the most valuable cryptocurrency in existence. Following the merge, the supply of ETH has almost become deflationary, and, on top of that, staked ETH, which is a derivative of ETH, has become a yielding asset.This makes Ethereum the perfect "commodity" to hold during the next few years. It offers advantages over oil and gold and will perform well in both an inflationary/loose monetary and deflationary/tight monetary policy environment.Ethereum is the all-weather asset you've been looking for.Ultra Sound MoneyAs we approached the merge, many began talking about Ethereum becoming "ultra sound money". Sound money preserves the value of your wealth. Gold has traditionally performed this role quite well. In the case of Ethereum, we can talk about Ultra Sound Money because the supply will very likely become deflationary, which means ETH tokens could systematically increase in value.The reason Ethereum has become (almost) deflationary since the merge can be found in the change in rewards from mining to staking and the introduction of EIP-1559, which was part of the London Hard Fork.First off, EIP-1559 introduce...
