The Milk Road Show Is Ethereum the Next Amazon? Haseeb Qureshi on Revenue, Profit & Long-Term Value
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Dec 9, 2025 
Haseeb Qureshi, managing partner at Dragonfly and a prominent crypto commentator, discusses the contentious value metrics of Ethereum versus traditional assets. He argues that Ethereum resembles Amazon's early growth phase, inviting listeners to see beyond mere revenue to profit-driven metrics. Qureshi also elaborates on why cynicism towards crypto has risen, the speculative nature of the industry, and the challenges for institutional investments in altcoins. He emphasizes the importance of strong community governance and thoughtful long-term investment strategies.
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Value Chains By Profit, Not Revenue
- Haseeb argues blockchains should be valued on profit-like metrics, not revenue, because chains have no operating expenses.
- He compares Ethereum’s PE to Amazon’s early PE to show valuation parity when using earnings-style multiples.
TVL Still The Most Predictive L1 Metric
- Historically L1 values tracked vibes and TVL; TVL remains the most stable predictive metric.
- Other metrics like Solana's REV have proven unreliable after mania-driven volatility.
Fees Are Policy, Not Fixed Revenue
- Ethereum's fees are effectively profit and could be raised, so current fee policy reflects growth prioritization.
- Comparing Ethereum's PE (~380) to Amazon's early PE (>600) reframes how expensive Ethereum looks.