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‘Ethereum will continue to withdraw money’

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‘Ethereum will continue to withdraw money’


Billionaire Mike Novogratz, one of the most ardent supporters of the cryptocurrency market, shared his views on the future of Ethereum (ETH), the market’s second largest asset, as digital assets move from Proof-of-Work (PoW) to Proof-of-Stake.

Billionaire name: “Ethereum will continue to withdraw money”

Speaking to CNBC’s Squawk Box on August 10, Mike Novogratz, CEO of cryptocurrency investment firm Galaxy Digital, revealed that he currently sees Ethereum as the highest-conviction crypto trade due to the imminent Merge upgrade.

“The merger is a big deal, it requires mining supply that used to sell constantly and actually lock it into what we call Hodlers and long-term contracts. So you will see the supply, the demand imbalance in Ethereum is really changing.”

Added;

“Prices are always set on margin, so the enthusiasm for this Merger to finally happen will continue to draw money into Ethereum.”

Billionaire name:

Merger triggers uptrend

As Merge approaches, Ethereum became the most popular crypto spot on August 10, while ETH futures volume recently hit a 3-month high ahead of the spike.

Especially since the upgrade was announced, the value of ETH has soared with the price resisting the market crash. In turn, experts expect several developments in the network. A recent report said the merger would serve as a catalyst to push Ethereum to become a “global enterprise-grade asset.”

Meanwhile, stocks and crypto rose as the US Dollar Index fell, with the CPI report coming in 8.5% lower than expected.

By contrast, Ethereum was trading at $1,830 with a market cap of more than $223 billion, up 6.81% on the day and over 10% in the past week.

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