{"id":478667,"date":"2021-12-10T20:30:20","date_gmt":"2021-12-10T20:30:20","guid":{"rendered":"https:\/\/ktsl888.com\/?p=478667"},"modified":"2024-06-11T14:09:44","modified_gmt":"2024-06-11T14:09:44","slug":"galaxy-digital-ceo-explains-why-ethereum-is-outperforming-bitcoin","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/galaxy-digital-ceo-explains-why-ethereum-is-outperforming-bitcoin\/","title":{"rendered":"Galaxy Digital CEO Explains Why Ethereum Is Outperforming Bitcoin"},"content":{"rendered":"
Bitcoin\u2019s 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\u2019s performance over the past couple of years has proven that it is a strong contender for bitcoin given the year-over-year returns recorded.<\/p>\n
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.<\/p>\n
Related Reading |\u00a0Goldman Sachs CEO Sidesteps Bitcoin Inquiries, Says Blockchain Is More Important<\/a><\/strong><\/em><\/p>\n 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<\/a> for an interview on Wednesday, the CEO pointed out that Ethereum\u2019s offering is larger than an inflation play.<\/p>\n In contrast to this, bitcoin\u2019s 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.<\/p>\n Related Reading |\u00a0Why Closing Out The Year Below $50,000 Could Be Bad For Bitcoin<\/a><\/strong><\/em><\/p>\n Ethereum combats the problem of being just an inflation bet by providing innovative tech in the blockchain industry. \u201cPeople see Ethereum as a technology bet,\u201d Novogratz noted.<\/p>\n 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.<\/p>\n 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.<\/p>\n <\/p>\n 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 \u201cmonster fourth quarter\u201d. He however did not limit this expected bull market to crypto alone. Novogratz also expects to see the stock market continue its rally.<\/p>\n Bitcoin\u2019s 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\u2019s 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 |\u00a0Goldman 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\u2019s offering is larger than an inflation play. In contrast to this, bitcoin\u2019s 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 |\u00a0Why 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. \u201cPeople see Ethereum as a technology bet,\u201d 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 \u201cmonster fourth quarter\u201d. 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<\/p>\n","protected":false},"author":541,"featured_media":478672,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,8323,1946,13071,2438,84896,11277],"class_list":["post-478667","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-eth","tag-ethereum","tag-galaxy-digital","tag-inflation","tag-inflation-hedge","tag-mike-novogratz"],"acf":[],"yoast_head":"\nEthereum Is A Technology Play<\/h2>\n
Technology Trumps Inflation<\/h2>\n
ETH getting ready to test $4,000 | Source: ETHUSD on TradingView.com<\/a><\/pre>\n
Featured image from FT.com, chart from TradingView.com<\/pre>\n","protected":false},"excerpt":{"rendered":"