On Saturday (July 23), Vivek Raman, head of Proof of Stakes (PoS) at BitOoda, a FinTech company for digital assets, explained why $ ETH is reversing $ BTC.
Founded in New York in 2017, BitOoda “to provide transparency and accelerate global adoption of transformational technologies by promoting efficient markets through innovative and professional capital markets solutions. It was created. ” Founders Tim Kelly and Rob Madden aim to leverage their expertise to evolve the digital asset market through an innovative data-driven platform that provides next-generation financial products, high-touch intermediary services and applied research solutions. Established a financial technology and services company with. It puts the interests of our clients first. “BitOoda is” the only digital asset institution platform regulated by SEC, CFTC, and DFS. ” Claims.
On July 18, BitOoda announced the hiring of Raman, co-founder and managing partner of the residential real estate buy-tourette platform Resinvest. “With this expansion, BitOoda will launch a number of financial solutions focused on PoS and ETH, including a series of new research reports, structured products and trading strategies,” said a BitOoda press release.
Raman, who has nearly nine years of trading experience with investment banks Morgan Stanley, UBS, Deutsche Bank and Nomura, said at the time:
“”We are proud to be part of the BitOoda team. BitOoda’s vision of creating a fully compliant digital asset investment bank that can provide institutional investors with research and sophisticated financial products is exactly what crypto space needs to grow in a sustainable way.“”
By the way, yesterday, Raman who went by nickname said, “VivekVentures.ethI posted a thread on Twitter explaining why he believes $ ETH reverses $ BTC.
He went on to say:
- “”What if the selling pressure of about $ 18 million a day disappears? How does it affect the price of BTC? Wouldn’t it rise naturally with marginal new buyers, whereas it’s constantly being squeezed by daily selling pressure?This is exactly what happens to ETH after merging“”
- “”Today, ETH has a similar story. 14,250 ETHs are issued daily to miners (+ verifiers).This is about $ 21mm in potential daily selling pressure (technically less because validator block rewards aren’t available yet, but let’s ignore it) Selling per day after merging About $ 21mm under pressure will be $ 0“”
- “”In fact, in most cases, net daily issuance will be negative as more ETH will be burned (via EIP-1559 burning tx basefees) than will be issued. .. Entry of external capital)“”
- “”This is an ETH economic sustainability debate. Zero (or negative) ETH net ETH issuance is bullish for ETH if removing all daily selling pressure from BTC helps BTC prices. Of course there is no structural selling pressure after merging“”
- “”The merge is approaching. ETH turns into an economically (and environmentally and game-wise) sustainable asset-arguably more than BTC …“”
On July 21st, Ethereum creator Vitalik Buterin, a Russian-Canadian programmer, talks about “the long-term future of the Ethereum protocol” at the annual Ethereum Community Conference (EthCC) in Paris, France. I shared my thoughts.
Buterin started talking by saying:
“”The Ethereum protocol is currently in the midst of this long and complex migration, and in many ways it’s a transition to become a much more powerful and robust system, right?
“”At the end of last year, I published this kind of updated roadmap documentation. There we talked about these five major categories happening in Marge, Surge, On the Verge, and a little lower Ethereum Protocol Land. Will it be a purge and a splash?
“”Marge is a proof of stake. Surge is sharding, The Verge is Verkle Trees, The Purge is state expiration, old history deletion, etc., The Splurge is basically everything else fun.“
According to TradingView data, Bitstamp currently trades $ ETH for about $ 1600.00 (as of July 24, 7:18 pm UTC).
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