Tuesday, June 28, 2022
  • Login
Crypto Newsmart
No Result
View All Result
  • CRYPTO LIVE PRICE
  • HOME
  • BITCOIN
  • CRYPTO UPDATES
    • ALTCOIN
    • ETHEREUM
    • NFT’s
  • LEARN CRYPTO
  • CRYPTO EXCHANGES
  • BLOCKCHAIN
  • MINING
  • SCAM ALERT
CRYPTO LIVE PRICE
  • CRYPTO LIVE PRICE
  • HOME
  • BITCOIN
  • CRYPTO UPDATES
    • ALTCOIN
    • ETHEREUM
    • NFT’s
  • LEARN CRYPTO
  • CRYPTO EXCHANGES
  • BLOCKCHAIN
  • MINING
  • SCAM ALERT
No Result
View All Result
Crypto Newsmart
No Result
View All Result

Galaxy Digital CEO Explains Why Ethereum Outperforming Bitcoin

by Crypto Newsmart
in Bitcoin
Reading Time: 3 mins read
Galaxy Digital CEO Explains Why Ethereum Is Outperforming Bitcoin
28
VIEWS
Share on Facebook

Bitcoin’s utility as an inflation hedge has been a big push for the adoption of the cryptocurrency by investors. Ethereum on the other hand is fast-rising to become the preferred crypto for hedging against inflation for investors. The digital asset’s performance over the past couple of years has proven that it is a strong contender for bitcoin given the year-over-year returns recorded.

Only five years old, Ethereum has grown to become one of the largest assets in the world. It was recently named as the 15th largest asset in the globe, ahead of all of the big banks. Further adoption of Ethereum going forward is inevitable and Galaxy Digital CEO Mike Novogratz has commented on why Ethereum continues to outperform pioneer cryptocurrency Bitcoin.

Related Reading | Goldman Sachs CEO Sidesteps Bitcoin Inquiries, Says Blockchain Is More Important

Ethereum Is A Technology Play

Novogratz attributed the growth of Ethereum to the technology which is an attractive point for investors. Ethereum has proven to be one of the cryptocurrencies with the most use cases, especially with the advent of the decentralized finance (DeFi) space. Sitting down with CNBC for an interview on Wednesday, the CEO pointed out that Ethereum’s offering is larger than an inflation play.

In contrast to this, bitcoin’s biggest offering still hinges on its being an inflation bet. The digital asset which has a supply cap of 21 million coins has always attracted investors due to its deflationary nature. However, Novogratz pointed out that bitcoin starts to lose its appeal when it is being pitted against a devalued currency like the dollar.

Related Reading | Why Closing Out The Year Below $50,000 Could Be Bad For Bitcoin

Ethereum combats the problem of being just an inflation bet by providing innovative tech in the blockchain industry. “People see Ethereum as a technology bet,” Novogratz noted.

Since investors are betting on the tech rather than its use as an inflation hedge, it serves a better long-term purpose compared to bitcoin. This has helped it steal market share from the top cryptocurrency and continues to do so.

Technology Trumps Inflation

An increasingly pressing issue for investors has been the rate at which the Fed has been pumping money into the economy. Experts have called for a stop to the incessant money printing, which is driving inflation rates through the roof but the pleas and warnings have fallen on deaf ears. So, investors have had to turn to crypto investments that have proven themselves to properly hedge inflation, such as bitcoin.

ETH getting ready to test $4,000 | Source: ETHUSD on TradingView.com

Bitcoin bull and crypto supporter Mike Novogratz sees all of the money printing working out in the favor of cryptocurrencies in what he calls a “monster fourth quarter”. He however did not limit this expected bull market to crypto alone. Novogratz also expects to see the stock market continue its rally.

Featured image from FT.com, chart from TradingView.com
Next Article: 7 Best Crypto Mining Software
Next Article: Cryptocurrency news
Next Article: What Cryptocurrency to mine right now
Next Article: What is Ethereum?

Source link


  • Trending
  • Comments
  • Latest
Centralized vs Decentralized

Centralized vs Decentralized (Crypto& Exchanges)

27 June 2022
What’s going on with cryptos?

What’s going on with cryptos?

21 June 2022
NU5 activates on mainnet, eliminating trusted setup and launching a new era for Zcash

NU5 activates on mainnet, eliminating trusted setup and launching a new era for Zcash

23 June 2022
Top Crypto Analyst Warns of Further Downside for Ethereum, Polkadot and Chainlink – Here Are His Targets

Downside for Ethereum, Polkadot and Chainlink

22 June 2022
Uniswap Unfazed By Bear Market Scare, Buys NFT Marketplace Aggregator Genie

Uniswap Unfazed By Bear Market Scare, Buys NFT Marketplace Aggregator Genie

22 June 2022
Centralized vs Decentralized

Centralized vs Decentralized (Crypto& Exchanges)

27 June 2022
How Forex Brokers Can Tap the Metaverse Ahead of Competitors

How Forex Brokers Can Tap the Metaverse Ahead of Competitors

28 June 2022
France facing backlash for Binance regulatory approval, French MEP called the move “surprising and worrying”

France facing backlash for Binance regulatory approval, French MEP called the move “surprising and worrying”

28 June 2022
BTSE Launches BTC and ETH Earn Products

BTSE Launches BTC and ETH Earn Products

27 June 2022
Binance Announces New Payments Partner Amid Fiat Deposit and Withdrawal Suspension in Brazil – Exchanges Bitcoin News

Binance Announces New Payments Partner Amid Fiat Deposit and Withdrawal Suspension in Brazil

27 June 2022

  • Home
  • Disclaimer
  • Privacy Policy
  • Digital Millennium Copyright Act Policy (DMCA)
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us
CRYPTO NEWSMART

Copyright © 2021 Crypto Newsmart.

No Result
View All Result
  • CRYPTO LIVE PRICE
  • HOME
  • BITCOIN
  • CRYPTO UPDATES
    • ALTCOIN
    • ETHEREUM
    • NFT’s
  • LEARN CRYPTO
  • CRYPTO EXCHANGES
  • BLOCKCHAIN
  • MINING
  • SCAM ALERT

Copyright © 2021 Crypto Newsmart.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Manage Cookie Consent

We use cookies to optimise our website and our service.

Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Manage options Manage services Manage vendors Read more about these purposes
Preferences
{title} {title} {title}