Sunday, February 28, 2021

Mike Novogratz Makes U-Turn about Ethereum Investment, Says ETH Is Going Much Higher

A popular Bitcoin proponent, Mike Novogratz of Galaxy Digital, has recently stated that the second-largest cryptocurrency by market cap, Ethereum (ETH), is a good choice for investment.

As aforementioned, Novogratz is a Bitcoin advocate. And it’s generally known that the majority of Bitcoiners always play down the investment prospect of other digital assets.

However, it seems the founder of the crypto investment management firm, Galaxy Digital, is starting to build trust in Ethereum (ETH), considering his latest tweets.

In the tweet, he urged crypto investors and traders not to look down on ETH as Bitcoin (BTC), the largest cryptocurrency by market cap, continues its price rally. He believes that both BTC and ETH will keep up their surging trend.

Read Also: Vitalik Buterin Adds 3,200 ETH worth $1.3 Million to the Ethereum 2.0 Deposit Contract Address

Novogratz tweeted, “When you have decided to HODL the stress of the market melts away. BTC and ETH going much higher. Try HODLing. You will enjoy it.”

Challenging his current stance regarding Ethereum (ETH), another stern Bitcoin proponent, Pierre Rochard of Pantera Capital wrote:

“I thought you said that ETH is not supposed to be HODLed because it’s just an inflationary currency like USD or an abundant commodity like air?”

Read Also: Ethereum (ETH) Poised To Hit $10,000 in the Next Market Cycle –Quantitative Analyst Posits

Ethereum (ETH) To Be the Base Layer of Trust

In response to Pierre Rochard’s point of view, Novogratz said he thinks ETH stands the best chance to become the base layer of trust in the financial world. He said for that reason alone, the crypto asset has value.

He also thinks Ethereum (ETH) is going to worth a lot, despite the fact that it has a complicated valuation:

“I have been consistent in saying I think ETH has the best chance of being the base layer of trust where the new financial architecture is built. That is a huge network. There is value in that. Much more complicated valuation story than BTC but it’s gonna be worth a lot.”

A Clear Path to Ethereum 2.0

The much-anticipated Ethereum 2.0 is expected to go live on 1st December 2020, which is 11 days from now.

Howbeit, only 22% of the ETH deposit required to roll out the Beacon Chain has so far been achieved. The slow activity on the dedicated deposit contract has sparked suspicion among the community members.

Read Also: Vitalik Buterin: Ethereum 2.0 Benefits Such As 100k TPS Will Come Faster Than People Expect

In order to calm nerves, Ethereum co-founder Vitalik Buterin suggested that the required minimum for lift-off be reduced to ensure a timely launch.

Buterin said:

“Staking has been picking up the last couple of days! I’m predicting more acceleration over the next 2 weeks. If all else fails, we can always decrease the minimum and push out a hard deadline for the genesis.”

Solomon Odunayo
Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.

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