William Mougayar argues that Ethereum should be valued as a public good, similar to foundational Internet protocols like TCP/IP, rather than as a for-profit entity. He highlights that Ethereum's true value comes from its characteristics as a public good: positive externalities, non-excludability, and non-rivalry. Currently, the market cap of Ethereum, Layer 2 solutions, and decentralized finance (DeFi) blue chips is estimated between $0.6 trillion and $0.9 trillion. Traditional valuation methods, which often focus on revenue and profit models, misinterpret Ethereum's purpose and structure. Mougayar explains that public goods, such as roads and scientific knowledge, generate significant economic value without directly capturing it. Ethereum operates similarly, providing essential infrastructure for various digital applications—like stablecoins, decentralized autonomous organizations (DAOs), and non-fungible tokens (NFTs)—but does not inherently charge for its use beyond minimal network fees. The majority of the economic value created through Ethereum occurs externally, not through direct revenues. This lack of direct monetization is why Ethereum often appears undervalued in conventional market analyses. The article also emphasizes the risks associated with undervaluing public goods. Historical patterns show that when such systems are mispriced, they can collapse. Mougayar draws parallels to other public goods that thrive only with alternative funding mechanisms, such as taxpayer support or philanthropic contributions. He notes that stakeholders like the Ethereum Foundation and private investors play a crucial role in sustaining Ethereum’s infrastructure, helping to create a healthier ecosystem compared to those reliant on hype or centralized funding.