Ethereum Foundation researcher: As issuance decreases, Ethereum will become an ultra-sound currency

Justin Drake, a researcher at the Ethereum Foundation, has sparked a debate between the two communities by saying that it will "soon" become an "ultra sound" currency and that Bitcoin will "be obsolete" as it approaches the supply ceiling of 21 million. Drake recently wrote on X that for ETH to become "super sound again, the issuance must decrease or the destruction must increase. I believe both will happen."
Ethereum's issuance was deflationary after merging in 2022, but it started to increase in April 2024 after Dencun upgraded, as the Dencun upgrade reduced the L2 network's fees and total destruction. Drake, however, compared ETH's issuance to Bitcoin's and found that since Dencun upgraded, Bitcoin supply has increased by 655,000, while the Ethereum network has added 462,000 ETH over the same period. At current prices, the former is worth around $63.50 billion, while the latter is worth just $1.25 billion. "Today the supply of BTC is growing by 0.83% per year, 66% faster than ETH," Drake said.
He also pointed out that the 21 million supply cap on the Bitcoin blockchain could lead to long-term security risks, as miners' revenue is mainly from block rewards (about 99% in the past week, and only 1% from network fees). He added that Bitcoin is vulnerable to security risks due to the relatively low cost of attacking the network.