They say money never sleeps – Neither does the innovation that comes from Ethereum. Institutional investors are just starting to become aware of Ethereums value and demand will only increase over time. Here are just a few of the biggest news stories that signal the adoption of ETH in portfolios and treasury reserves.
Scaramucci Believes ETH Will Become a Store of Value
“The technology around #ethereum is going to make it a sticky cryptocurrency and a store of value and something people will transact with,” says @Scaramucci on why he likes $ETH. pic.twitter.com/hpsvS0LFw7
— Squawk Box (@SquawkCNBC) April 5, 2021
In a recent interview with CNBC, Anthony Scaramucci, one of the most prominent proponents of Bitcoin, who also heads the global investment firm SkyBridge Capital, said that “the technology around Ethereum is going to make it a sticky cryptocurrency and a store of value and something people will transact with.”
Investors, industry experts, and crypto-enthusiasts alike considered Scaramucci’s comments to be in line with that of the billionaire and high-profile investor Mark Cuban. Mark Cuban did not keep his hopes from Ethereum guarded when he called it a “hotbed of continuous innovation.”
Scaramucci and Mark Cuban’s recent comments will augment the position of Ethereum further in the rapidly growing digital assets market. ETH, the second-largest cryptocurrency in the world in terms of market capitalization, continues to lead all innovation and disruption with DeFi and NFTs. While NFTs are currently in a speculative mania, the underlying concept is here to stay and act as an organic marketing campaign as millions of people interact with the Ethereum network without even realizing it.
Cuban Considers Ethereum as the Best Bet at Being the Digital Currency of the Future
— CNBC (@CNBC) April 1, 2021
If we probe further into Cuban’s comments on the potential of Ethereum, we see that his preference towards ETH has reasons unique than his preference for other cryptos. Cuban considers ETH as the closest coin to being a digital currency. His inclination towards Ethereum rests on the strong smart contract-led foundation of the Ethereum blockchain. Smart contracts are what empowers the Ethereum blockchain to widen up the horizon of decentralized finance.
According to Cuban, Ethereum resembles the functioning of a living being that can be adapted over time and whose capabilities can continuously be improved upon. While discussing the potential of Cryptocurrencies, Cuban remained bullish on its future, comparing it to the internet of early days. What makes Cuban’s expectations from Ethereum more convincing is that the billionaire investor holds nearly one-third of his crypto portfolio in Ethereum.
While there are plenty of “Ethereum Killers” out there, most of the innovation comes from Ethereum. They are “Ethereum Killers” because they’ve essentially copied Ethereum and made minor tweaks. Mark Cuban, a tech-savvy entrepreneur with an eye for innovation, understands the effect Ethereum has on the blockchain industry; otherwise, he would not have come out publicly to support it. Additionally, ETH killers have a lot of catching up to do and lack the engineering talent to not only scale their projects but do so in a way that outdoes Ethereum. Great engineering demand is at an all-time high while supply is deficient.
Shopify CEO Dabbles With Ethereum
In a recent tweet, Tobi Lutke, the CEO of subscription-based retail platform Shopify, declared his interest in Ethereum. Lutke wrote that he was “dabbling” with the idea of Ethereum smart contracts to understand how ERC20 works. In his own words, Lutke found the world of Ethereum ‘fascinating.’
Speaking of crypto though- I spent the morning dabbling with ETH Smart Contracts. Mainly to understand how ERC20 works better. Fascinating world.https://t.co/6prYdR7EXd has been really helpful.
— Tobi Lutke ???? (@tobi) April 2, 2021
Lutke followed up his tweet with more questions on crypto posed towards the community that follows him. Questions like what role Shopify could play in bringing decentralized finance opportunities to Shopify. He also had specific technical questions on price oracles and smart contracts. Lutke even rejected a user’s concerns about DeFi and Shopify’s incompatibility by saying that the “spirit” of the platform and DeFi are “aligned” and fit together.
To give context to Shopify’s intentions to “dabble” with crypto, the platform has been accepting USDC and PAX, and other digital assets as a form of payment since 2014. With 500,000 active “stores,” 1 million subscribed businesses, and a market share surpassed only by Amazon and eBay, Shopify, in all probability, may choose to integrate the platform with a DeFi protocol as a logical next step.
Ecommerce platforms continue to rise in value as more people understand the role of hedging against job loss. Building an online presence is more of a necessity than a luxury, especially now that millions of people have spent most of the last year at home; they’ve been forced to learn and understand how online commerce works.