A debate on X has highlighted contrasting views on Ethereum's valuation compared to Amazon's. Santiago, founder of Inversion Capital, points out that Ethereum's price-to-sales ratio is significantly higher than Amazon's, even during the dot-com bubble, with Ethereum holders paying 146 times more per dollar of revenue. He argues that valuation should be based on economic benefits like revenue and cash flow. In contrast, Ethereum treasury firm SharpLink contends that traditional valuation models don't apply to Ethereum, as it functions as a network rather than a company. SharpLink suggests that Ethereum's potential market size far exceeds Amazon's $380 billion valuation, positioning it as the future financial system's target network. The firm believes Ethereum's value should be measured by the scale of assets secured on its network, noting that historically, Ethereum's price has risen with the growth of on-chain assets, though not always in direct correlation.