The following is a summary of the major events and developments around the Ethereum ecosystem.
Soros Fund Management CEO Chooses Ethereum Over Bitcoin
Soros Fund Management CEO Dawn Fitzpatrick helped the best altcoin ecosystem to see more traction than Bitcoin. Fitzpatrick cites the environmental issues that the latter will continue to face as Ethereum moves to a more energy-efficient proof of stake consensus mechanism.
Talk during recent times Bloomberg In an interview released on May 31, George Soros’ fund manager said Ethereum also benefits from the potential for more use case applications in the future.
Cryptography is already mainstream
Further explaining her case, Fitzpatrick added that not only Ethereum but also cryptocurrencies will stay here. This evolution of technology has become mainstream, citing the fact that Fidelity Investments recently announced that users can allocate a portion of their 401 (k) account / severance pay to cryptocurrencies. .. She states that this is a sign of the increasing adoption of cryptography.
In particular, Soros’ fund executive bullish against Ethereum against Bitcoin has not been carried out, at least according to publicly available information. The George Soros Foundation has revealed an exploit to crypto in the past, but only said it holds Bitcoin, it does not hold any other crypto coins.
Increased risk of global recession
Money managers also believe that the market outweighs the risk of recession, with Americans saying “ExtraordinaryBeing healthy, the economy has several shock absorbers to cope with the recent hostile environment. She explained that the imminent risk of a recession is not entirely on the facade, but only on its timing.
She also predicted a recession on the card, but it could be farther than people would expect it to come.
Treasury commentator Peter Schiff predicts Ethereum failures will be less than $ 1000
Peter Schiff, Chairman of the Schiff Gold Investment Fund predict Ethereum could fall to the May 2021 lows, showing a combination of two very bearish patterns suggesting the same.
Schiff, who is also the CEO of EuroPacific Capital, shared the Ethereum chart. In this chart, we focused on the ominous double top with the head and shoulders on the right, which was seen in Bitcoin in the previously highlighted chart. He theorized that this would add to the fact that Ethereum could violate higher support and fall towards the lower yellow line.
With reference to that, Schiff predicts that the decline will reach $ 1,000, which he calls the deepest point of the expected decline.The ominous combination that the commentator referred to was what he recently observed in Bitcoin. Bullish patternLooking ahead.
Bill Miller warns of the potential increase in economic inequality associated with Ethereum’s move to PoS.
Well-known crypto investor Bill Miller failed in one change as Ethereum moved to a proof of stake consensus. In a recent interview with an investor podcast, Miller said the transition to Ethereum would give Bitcoin an advantage over Ethereum, as it would not suffer from the economic inequality expected of Ethereum. ..
The economic inequality that Miller is concerned about has to do with the centralization expected of PoS chains. This is because decision-making stacks up on people with the highest staking power. Therefore, the more Ethereum locked in the Beacon chain, the greater the impact ETH holders will have on network decisions, unlike Bitcoin / PoW.
Therefore, he commented that the lack of such problems in Bitcoin makes it really democratic. Miller’s Bitcoin optimism has been seen in the past, revealing in January that he allocated half of his net worth to Bitcoin.
Miller also defined another benefit of Bitcoin as its usefulness in preventing economic collapse. He cited cases involving countries where the political situation caused a financial catastrophe, such as Argentina, Ukraine, Lebanon, Afghanistan and Nigeria. Bitcoin has served as an insurance policy against it.
For more information on Ethereum, see the Ethereum Investment Guide.