By Solomon Odunayo
As shared by Spencer Noon, the Head of Crypto Investments at dtc.capital on Twitter a couple of hours ago, Grayscale Investment, the leaders in digital asset management has acknowledged that Ethereum (ETH) is a store of value.
Ethereum (ETH) has sometimes been criticized at some quarters in the cryptocurrency space.
Recently, Ethereum went head to head with Tron (TRX) on the subject of use cases, while the majority of the criticisms were directed at the second-largest cryptocurrency by market capitalization.
Grayscale Investment Acknowledges the Value of Ethereum (ETH)
Spencer Noon, the Head of Crypto Investments at dtc.capital recently hinted the special recognition received by Ethereum (ETH) from Grayscale investment, the leaders in digital asset management.
In the tweet, Spencer showcased his excitement about the special acknowledgment due to the reputation of Grayscale Investment in the crypto sphere.
He indicated that Grayscale Investment recognized Ethereum as a store of value, averring that it’s the major use case embedded in the cryptocurrency. This was reportedly written in the company’s latest report sent to its investors.
Spencer wrote this, “BREAKING: In a new report emailed to investors today, Grayscale Investment says the #1 use case of ETH is as a Store of Value Folks, this narrative was unthinkable 18 months ago. Now the largest US institutional crypto investment firm understands Ethereum’s value prop.”
BREAKING: In a new report emailed to investors today, @GrayscaleInvest says the #1 use case of $ETH is as a Store of Value 🤯
Folks, this narrative was unthinkable 18 months ago
Now the largest US institutional crypto investment firm understands Ethereum's value prop pic.twitter.com/ialuonjBYq
— Spencer Noon 🕛 (@spencernoon) February 13, 2020
Read a portion of the email that has the details of the special recognition apportioned to Ethereum (ETH) in Grayscale Investment latest report:
Ether, its native currency, serves three main purposes:
- To store value in ETH
- To settle transactions by allowing users to send
- To facilitate network operations (i.e., power DApps) via transaction fees paid in ETH, which are based on the computational costs of executing the code.
Ethereum (ETH) in the Market
Ethereum (ETH), the second-largest digital currency by market capitalization bade farewell to $100 price region a couple of days ago after a price movement that can be termed as parabolic.
However, virtually all the top cryptocurrencies in the market are presently experiencing price retraction, including Ethereum (ETH), but it’s likely for the digital currency not to drop below $200 support level in the present price retracement.
At the time of filing this report, ETH is trading at $257.18, with a 3.68% downtrend in the last 24 hours.