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9. Dezember 2021

Ethereum outperforms Bitcoin because people see it as a technology bet, says Mike Novogratz

Ethereum price has jumped nearly 680% this past year, while Bitcoin has added about 170% to its USD value over the same period.

Galaxy Digital CEO Michael Novogratz says Ethereum is outperforming the flagship cryptocurrency Bitcoin because Ether’s fundamental outlook has investors taking it for a technology bet.

Novogratz outlined this view during an interview on CNBC’s ‘Squawk Box’, where he talked about crypto as well as the current outlook in the equity markets.

Ethereum offers more than just an inflation hedge

The Galaxy Digital exec’s comments come at a time the market is experiencing a downturn exacerbated by uncertainty across the globe regarding the Omicron variant of Covid-19.

A recent sell-off has pushed Bitcoin’s (BTC) price below $50,000, with the benchmark cryptocurrency declining by more than 13% in the past week. Meanwhile, Ethereum has struggled to break above $4,400, with its price down nearly 6% during the past week.

But while data on CoinGecko shows BTC price is up 170% over the past year, it’s a massive 680% for Ethereum price.

According to Novogratz, part of the reason ETH is outperforming BTC is the fact that the former is attracting more investors amid a shift in investment perspectives.

He says that Bitcoin is limited in its use cases, with usage currently seeing most people go for it as a hedge asset. On the flipside, Ethereum has great use cases, from its smart contracts functionality to applications in decentralised finance (DeFi) and non-fungible tokens (NFTs).

It is this “flexibility” that is aiding Ethereum’s push and outperformance of the leading cryptocurrency.

“People see Ethereum as a technology bet and Bitcoin as a debasement of fiat currency bet,” he explained on the show.

Novogratz also talked about the crypto markets and equities, saying that crypto wasn’t trading as bullish as the equity markets. He however remains upbeat about the broader crypto space, predicting that even though Bitcoin price has slipped below $50k, it’s unlikely to dip under $40k. This, he added, will be the case even with a spike in risk-on effect from a very hawkish Fed.

He also identified institutional adoption and the steady appreciation of the crypto across nations as a good vibe for the crypto asset class.

He noted that the world has “woken up” to the fact that cryptocurrency is now an asset class, adding that people are now looking at Bitcoin as a necessary component of any crypto portfolio.

A similar view of Bitcoin also came out during billionaire investor Barry Sternlicht’s comment that the crypto is a „smart hedge.“

The post Ethereum outperforms Bitcoin because people see it as a technology bet, says Mike Novogratz appeared first on Coin Journal.

8. Dezember 2021

Ethereum developer: Crypto’s impact in “every corner” of the society

Lane Rettig says crypto is going to change the world by providing the “fuel” that drives the next generation of entrepreneurs.
He compares this disruptive technology to what happened in information technology due to cloud computing.

Crypto adoption continues to gather pace even as the space attracts new developments that could see the cryptocurrencies permeate every facet of the society, says Ethereum developer Lane Rettig.

According to the developer, cryptocurrency has provided a new start for the global economy, creating value for everyone regardless of where they are around the world. With crypto projects now virtually in every sector of the economy and daily life, Rettig believes the impact of the whole ecosystem will be “profound and long lasting.”

He suggests that what the world has seen so far in crypto space is just the beginning, with further developments to entrench it even deeper into social life.

“[Crypto] is going to impact every corner of society in our daily lives,” the developer told Yahoo Finance.

Rettig shared his optimistic view of the crypto space during a Yahoo Finance interview on Wednesday.

Crypto is taking over the world

Asked to comment on where crypto is at the moment, he said it’s still early. There is a lot still to be done to really bring cryptocurrencies to the masses. One way is to make it even more user-friendly, he said.

Crypto is a disruptive innovation much like cloud computing in the formative years of information technology, he explained. He said that developments in the sector took time, but tech eventually took over the world through giants like Amazon and Microsoft.

Cryptocurrency is taking the same steps and apart from finance, crypto applications are already revolutionising the health, supply chain, agriculture, education, and even investment sectors. The sector is changing all facets of our lives, but that is not all.

Rettig opines that crypto is going to be the fuel that drives an entirely new group of youthful entrepreneurs, with the DAO likely to take center stage in this growth trajectory.

According to the developer, the next chapter of revolution is entrepreneurial growth through blockchain-based ‘companies’ dubbed decentralized autonomous organisations (DAOs).

Although he notes there are still issues around DAOs, he remains adamant the sector will “take over the world.”

“I think DAOs are the next step in the evolution of human organisation, and I think this is a generational shift that will take decades to play out,” he pointed out.

He says cryptocurrency has made it possible for people to unveil projects and applications that would not have been possible a few years ago

The post Ethereum developer: Crypto’s impact in “every corner” of the society appeared first on Coin Journal.

2. Dezember 2021

Bank of America strategist says metaverse is a massive opportunity for crypto

BofA strategist Haim Israel says the metaverse space will see widespread use of cryptocurrencies in transactions within the virtual worlds being developed by the likes of Meta.
He notes that with “right platforms” needed to support the metaverse, crypto as a whole has a massive opportunity for further growth.

Bank of America strategist Haim Israel believes the metaverse offers a massive opportunity for cryptocurrencies, noting that the explosion in interest in virtual worlds and the race to see it developed provides a great springboard for crypto platforms.

He also notes that it’s going to be huge for cryptocurrencies as metaverse users would need digital assets for transactions.

The BofA researcher, who also heads the bank’s thematic investment department, said this in an interview with the Insider.

He told the publication that the metaverse will need to have the right platforms in place, a scenario he predicts could see the entire cryptocurrency ecosystem hit another level of development.

„I definitely believe this is a massive, massive opportunity,“ Israel said.

According to him, it is the metaverse that will see people begin to really use crypto as currencies; an eventuality that means some cryptocurrencies will have a major ecosystem in which to dominate.

While many digital assets linked to the metaverse have soared in value over the past several weeks, the Bank of America strategist says these are likely too volatile to be used. As such, he predicts the space might see stablecoins take the upper hand, he added.

Israel also sees some of the existing payments firms take a keen interest in crypto as their use in the metaverse increases. He opined that it could be another opportunity for these companies to grow, noting that widespread use of digital currencies in the virtual worlds would drive companies towards more partnerships.

Several major companies, including Meta, Google, Microsoft, and Apple are all eyeing the metaverse ecosystem, an industry Grayscale Investments recently said could soon spike to a $1 trillion sector.

The post Bank of America strategist says metaverse is a massive opportunity for crypto appeared first on Coin Journal.

2. Dezember 2021

Infosys chair Nandan Nilekani: Crypto can bring about financial inclusion

Nandan Nilekani says proper regulation of the crypto sector could help promote innovation among India’s youth.

Crypto investors in India are anxious to see what direction the government’s regulatory approach to digital assets takes, given a bill before lawmakers touching on the same.

While the bill is unlikely to see cryptocurrencies banned in the country, some commentators have noted that the government could adopt a tough regulatory stance.

Amid this, India remains one of the countries with the largest number of crypto users and Infosys Chairman Nandan Nilekani says crypto could be useful in bringing about financial inclusion.

A well-regulated crypto market will boost innovation

Speaking at the Reuters Next Conference on 1 December, Nilekani said crypto could provide young people a path into the financial markets.

„There is a role for crypto as assets but they obviously will have to follow all the laws and make sure that it doesn’t become a backdoor for money laundering,” the Infosys co-founder said.

According to the veteran investor, what the country needs is “a very well regulated and legal, lawful crypto market.”

In June, the Infosys chair called on Indian authorities to embrace crypto as an asset class, and he reiterated this view in his latest comments. He noted that doing so will allow for a space where young developers can build applications around which can spring “a wave of global companies.”

Nilekani is a highly respected tech guru and his comments a day after India’s finance minister said there’s a new crypto Bill show how significant the issue of crypto regulation is in the country. According to finance minister Nirmala Sitharaman, the new Bill replaces the earlier draft, which many in the crypto space said was very harsh.

India is already one of the fastest-growing crypto markets, and although not like other major markets such as the US and China, events around digital assets in the country have often investors react in one way or the other.

The post Infosys chair Nandan Nilekani: Crypto can bring about financial inclusion appeared first on Coin Journal.

2. Dezember 2021

VanEck CEO says firm will continue to push for a spot bitcoin ETF

VanEck’s CEO says the rejection of its application is not the end, noting in an interview that the firm “will be back.”

VanEck is not giving up on its push for a spot Bitcoin ETF, according to the firm’s CEO Jan van Eck.

The VanEck chief said this on the podcast Scoop, telling The Block’s Frank Chaparro that, despite a recent disappointment, it’s still all hands on deck as the company looks to put in new crypto funds applications.

In November, the US Securities and Exchanges Commission (SEC) recently rejected VanEck’s application for a spot Bitcoin ETF, a move that sees the US market still waiting for its first exchange-traded fund tracking the current market price of Bitcoin.

Grayscale Investments hit back at the SEC for rejecting the VanEck spot ETF, saying the regulator’s move to approve only futures ETFs showed discrepancies in its approach. The investment manager wants the agency to allow its application for a BTC product to be listed on the NYSE, stating that US investors are missing out on the opportunities that come with investing in funds that track BTC prices.

Vowing to “be back“ with yet another application, van Eck pointed to the potentially helpful responses from two members of the US Congress. He says that the letter by the policymakers to the SEC regarding the Bitcoin ETF was a plus, even if the agency acted as it did.

Notably, van Eck compared the SEC’s rejection of the product to what happened before the regulator finally allowed gold bullion ETFs. He noted that, just like in current scenarios, the US regulator was keen on gold futures ETFs before eventually approving one that tracks spot gold.

Van Eck also talked about the investment firm’s plans in jurisdictions other than the United States. He said that while the firm remains focused on having spot crypto products launched in the US, there are efforts to expand services and products tailored to the European market.

VanECK’s futures-based Bitcoin ETF is one of three that were recently allowed by the SEC, with the other two from ProShares and Valkyrie.

The post VanEck CEO says firm will continue to push for a spot bitcoin ETF appeared first on Coin Journal.