ETH Switching to PoS Network
Ethereum will be moving from a PoW consensus process to a PoS consensus protocol. Bill Miller claims Ethereum’s decision could create financial inequality. It’s an issue that people wouldn’t see on the most valuable crypto by market value.
Also, PoS is a way to address inequality, among the most pressing issues in the US. PoS is unequal since rich individuals call the shots. Furthermore, if you have more ETH stakes than anyone else, you will get the matching number of votes. It’s as though you own more stock than.
As a Berkshire Hathaway shareholder, you can influence the company’s future. Also, if you have 50% of Ethereum, you have complete control over what happens to it. That is not an issue that BTC has. It’s a true democracy.
Miller suggested that he sees Bitcoin as insurance against a financial crisis. He cited Ukraine, Venezuela, Afghanistan, Nigeria, and Lebanon as an illustration. If you possessed BTC, you had no worries. Your BTC has arrived. As long as you have a cell phone, you can send it anywhere on the globe. In his opinion, BTC is an insurance policy for financial catastrophes of all kinds.
There was a discovery that BTC was Miller’s investment of choice in January. According to CoinMarketCap, BTC is trading at an all-time low of $28,607. Ethereum has fallen by 1.16% in the previous 24 hours to $1,732.
Bill Miller Says BTC Represents 50% of His Portfolio
Billionaire Bill Miller says he’s invested 50% of his wealth in the cryptocurrency BTC. Miller says BTC serves as an insurance policy against financial disasters. Also, against the political overreach. He’d call it “digital gold” for the time being.
For half a decade, people have claimed that gold has served as a measure of wealth. When authorities sought to pump them out, gold was what individuals flocked to. In 1933, President Franklin D. Roosevelt took everyone’s gold in the US. You have to hand it over or face jail time. They won’t be able to seize your BTC. If you keep it safe and have an internet connection, you can send it to someone else for a very minimal cost.
Miller, a self-proclaimed BTC supporter, has also characterized himself as a BTC analyst. Because it’s a new technology, he’s been tracking its progress. He compared it to other major technological advances. Some of which include the steam engine, printing press, vehicles, and electricity.
Miller said that the financial markets were about to crash during the start of the epidemic. But the Federal Reserve expanded the money supply to prevent everything from crashing. BTC did not get affected by this. The BTC network worked well during that period. There was no rush. Prices fell initially until discovering that the BTC blockchain worked without any tampering.
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