Bloomberg’s chief commodities strategist Mike McGlone predicts a rise in Ethereum (ethereum) As he puts it, the major smart contract platforms are poised to change the landscape of financial technology.
In a new segment on BNN Bloomberg, McGlone says Ethereum can support its value due to the reality that dollar-pegged stablecoins rely on the network to operate.
“[Ethereum] It’s basically doing to the world what Netflix did to Blockbuster. We are revolutionizing fintech. The point of Ethereum is that it enables the most widely traded cryptocurrency on the planet. [which] A tokenized version of the dollar. Basically, the dollar is the most widely traded cryptocurrency. It is more than trading Ethereum and Bitcoin together. Because the Ethereum token makes it possible. ”
Analysts say they expect ETH to trend higher against Bitcoin (Bitcoin) is being driven by shrinking supply and increasing demand. According to McGlone, a good supply-demand ratio means that the price of ETH “must go up.”
“Ethereum continues to outperform Bitcoin, maintaining good support around $1,000 and good resistance around $2,000, but this year’s results were somewhat revolutionary.
It turned into a proof-[stake] This means virtually no energy consumption in the midst of an energy crisis. Wow, it’s kind of a win-win, so you’re doing well there.
Supply is clearly declining and demand and adoption are clearly rising, so we believe that unless something changes in these trends, prices must rise over time. It looks too cold. It should bounce back and continue to outperform Bitcoin. It has outperformed the likes of the Nasdaq for a long time and, importantly, the volatility has been gradually decreasing. What do you mean? As it matures, it moves into the mainstream. ”
Read the full interview here.
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