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• 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.

• 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.