Mike McGlone, senior commodity strategist at Bloomberg, Ethereum (ETH) talked about. Defining Ethereum as a smart contract that will change the ‘Fintech’ world, McGlone also shared his rally expectations.
Speaking on a new episode of BNN Bloomberg Mike McGlonepraised the Ethereum technology. McGlone stated that the Ethereum blockchain could power stablecoins pegged to real dollars.
“Ethereum is basically doing what Netflix did to Blockbuster. It has accomplished a revolution in the world of fintech and the near industry. The key to blockchain lies in the underlying technology. It also powers the most traded coins and tokenized dollars in the world. As a matter of fact, you should remember that the dollar is the most traded asset. It trades more than Bitcoin and Ethereum. The technology that makes this possible is ETH.”
The commodity strategist also shared his prediction that Ethereum will be bullish against Bitcoin. This is because ETH can benefit from reduced supply and increased demand. Due to the Merge update, the ETH supply is now deflationary.
Koinfinans.com As we previously reported, Raoul Pal shared a similar bullish forecast.
Ethereum Should Outperform Bitcoin!
“This trend of Ethereum still outperforming Bitcoin remains intact. Therefore, the support around $ 1,000 is maintaining the support. On the other hand, it stayed around the $2,000 resistance. But don’t forget the update he made this year, it was a revolution.
After the Ethereum Merge update, it has now switched to the ‘proof of stake’ system. This means that there will be no more energy consumption. This detail is very good when we are grappling with an energy crisis. A win-win situation… As a matter of fact, my focus is on the ‘decreasing supply and increasing demand’ cycle.
It seems clear that supply will keep decreasing and adoption will increase demand. If we follow the trend, the price has to increase due to this structure. When we look at the price, we do not see such an increase yet. But now I think it will rise and surpass Bitcoin. Overall, Ethereum started to outperform the Nasdaq. And it does it with less volatility!”
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Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.