(by Marcel Uhlmann)

"You were just lucky to invest in Ethereum early!"

I hear this all the time. My response? Yes and no.  

Yes, I bought Ethereum when it was still under $100.

But luck alone wasn’t the reason.

It was the result of deep conviction—conviction built over years of intense learning, relentless questioning, and the realization that Ethereum is much more than just a cryptocurrency.  

This conviction carried me through difficult times—times when many gave up, when doubt and uncertainty dominated the market.  

Holding onto Ethereum was never easy. And that’s precisely why it’s worth looking back.  

Ethereum: A story of skepticism – and relentless progress

Ethereum has always existed under a cloud of doubt. While Bitcoin had already secured its place as digital gold, Ethereum had to fight for legitimacy.

Time and again, even seasoned observers questioned its future.  

Here are some of the most pivotal moments where Ethereum was underestimated—only to prove the skeptics wrong time after time:  

‍1. DeFi Summer 2020: "ETH won’t benefit"

• During the DeFi boom of summer 2020, many claimed that all the value would flow into DeFi tokens like Aave, Compound, and SushiSwap.
• The argument? *"Why hold ETH when DeFi apps provide the real utility?"*  
• The reality: After DeFi Summer, ETH’s price surged from around $400 to nearly $5,000—while most of those DeFi tokens have faded into obscurity.  

2. Beacon Chain & Staking: "The threshold will never be met"

• A major milestone was the launch of the Beacon Chain in December 2020, introducing Ethereum’s staking model.
• But many doubted whether the required 524,288 ETH would be staked in time.  
• The reality: The Beacon Chain went live as planned on December 1, 2020. Since then, millions of ETH have been staked—and despite the ability to withdraw, the number continues to grow.  

3. EIP-1559: "Miners will block it"

• Before EIP-1559, one of Ethereum’s most significant upgrades, there was widespread uncertainty.
• The proposal introduced a fee-burning mechanism that reduced ETH supply—a clear disadvantage for miners.  
• The concern: Miners would resist or destabilize the network.  
• The reality: EIP-1559 launched on August 5, 2021. Since then, billions of dollars worth of ETH have been burned, reducing supply and reinforcing ETH’s long-term value.  

4. The Merge: "Too complex, it will fail"

• The transition from Proof of Work to Proof of Stake was Ethereum’s most ambitious technical overhaul—and one of the most significant upgrades in blockchain history.  
• Many doubted the transition would go smoothly. Critics warned that miners would sabotage the process or disrupt the network.  
• The reality: On September 15, 2022, The Merge was executed seamlessly. Ethereum reduced its energy consumption by over 99% and laid the groundwork for future scalability.  

Why I still believe in Ethereum

It would be easy to say, "See? All those doubts were unfounded." But that’s not my point.  

Ethereum has proven that it’s not just a visionary network—it’s a network that delivers. Step by step. Year after year.  

I’m not an Ethereum maximalist. I appreciate innovation in other networks, too—competition drives progress.

But looking back over the past seven years, I keep arriving at the same conclusion:  

Ethereum delivers

In an industry where many projects overpromise and underdeliver, Ethereum stands apart in one critical way: execution.  

Patience pays off

It’s easy to get caught up in short-term market swings. Euphoria turns to panic overnight.

But if you let headlines and social media dictate your decisions, you’ll quickly lose sight of the bigger picture.

This isn’t just true for crypto—it applies to every investment.  

Many people underestimate the importance of truly understanding a topic instead of just skimming the surface.

I’ve seen people enter crypto through me, and within weeks, they’re trying to give me investment advice.  

That tells me one thing: People often underestimate the value of experience.

Watching ten YouTube videos doesn’t make you an expert. There’s a fundamental difference between knowledge and experience.  

Experience means weathering downturns. It means making sound decisions even when the market moves against you.

It means staying level-headed while others panic.  

Final thought: Luck or conviction?

Was I lucky to buy Ethereum at $80? Maybe.  

But it wasn’t luck that made me hold onto it when the price crashed.

It wasn’t luck that kept me believing in Ethereum when many declared it dead.

It wasn’t luck that made me dive deep into its technology.  

It was conviction.  

And today, that conviction is stronger than ever.  

Ethereum isn’t perfect—but it’s the strongest foundation in the decentralized world. And that’s why I remain convinced that Ethereum will play a central role in the future of the internet.  

The past seven years have proven one thing: Ethereum doesn’t just promise—it delivers.