Legendary Investor Bought His BTC at $6,500 Propelled by “Central Bank Craziness” and Bitcoin’s “Religious Zealots”

Stanley Druckenmiller “felt like a moron” not buying Bitcoin as he watched it go from $50 to $17,000. Now, if Jay Powell keeps acting like he’s been acting, BTC is “going to have the wind behind” it, but the minute the “tightening” starts, markets should go down.

If you bought the top crypto assets, don’t worry; you are not alone. Even the big guys make these mistakes, and legendary investor Stanley Druckenmiller is one of them.

During his recent interview with The Hustle, while talking about investing and cryptocurrencies, Druckenmiller shared that he lost $3 billion at the top of the Dotcom Bubble just because he couldn’t watch others making money from the sidelines. This was after he had ridden the tech boom to a T, made billions of dollars, and sold everything. He said,

“It was all because I got emotional and dropped every tool of discipline I’ve ever had.”

Druckenmiller announced that he had become a Bitcoiner late last year, but he actually bought it a few months back at $6,500.

Yet again, though, much like everyone, he had a difficult time just watching the cryptocurrency rip higher and higher and felt like a “moron” for not buying it until now. The investor shared,

“For the first move in Bitcoin — I think from like $50 to $17,000 — I just sat there aghast…I wanted to buy it every day. It was going up, and — even though I didn’t think much of it — I just couldn’t stand the fact that it was going up, and I didn’t own it. Fast forward: I never owned it from like $50 to $17,000; I felt like a moron. Then it goes back down to $3000 again.”

Jay Powell “going to have the wind behind” BTC

Druckenmiller bought Bitcoin because his views had evolved. While about 5-6 years ago, he saw Bitcoin and crypto as a solution in search of a problem, it changed when he found the problem. He said,

“The problem was Jay Powell and the world’s central bankers going nuts and making fiat money even more questionable than it already has been when I used to own gold.”

But what’s even more interesting is the community, the crypto fanatics. Adding to the “new Central Bank craziness phenomenon” is the fact that “86% of owners are religious zealots.” He added,

“I mean, who the hell holds something through $17,000 to $3000? And it turns out none of them — the 86% — sold it.”

And as long as Jay Clayton keeps acting like he’s been acting, Bitcoin is “going to have the wind behind” it, said Druckenmiller.

Because Bitcoin is a brand, has a finite supply, and has been around for over a decade now, Druckenmiller feels, “it’s going to be very, very tough to unseat.”

And here comes Ethereum, about which he’s a “little more skeptical of whether it can hold its position” and sees it as Yahoo before Google came along.

As for Dogecoin, he isn’t really bothered by it as he doesn’t see its utility; rather, “It’s just this wave of money in the Greater Fool Theory,” Druckenmiller said, adding,

“Don’t go long, and don’t go short. I mean, unless you like going to Vegas, then I guess it’s okay.”

Making Large Concentrated, High Conviction Bets

During his interview, Druckenmiller also shared insight into parallels between the recent tech sell-off and the Dotcom Bubble, which have some similarities but also differences in the way that valuations in both periods go to “speculative levels” but the monetary policy is “crazy” now.

“So we have an asset bubble. Now that’s not just in tech stocks; it’s in everything,” he said.

The biggest risk right now to the bubble, especially the equity market, according to him, without a doubt is “inflation strong enough that the Fed responds to it.”

“No doubt about it. This bubble has gone long enough, and it’s extended enough that the minute they start tightening, the equity market should go down a lot.”

Talking about Investment, Druckenmiller said it’s all about making concentrated, high conviction bets. He shared how the likes of Warren Buffett, Carl Icahn, and George Soros are not buying 35 or 40 names and diversifying but making largely concentrated bets where they have a lot of conviction.

It actually decreases your overall risk because then you only have to pay attention to one massive position.

As for when to sell, if the asset you bought for a reason and those reasons are no longer valid, it’s time to sell because it’s about making money. And here comes the managing emotions while investing part because when the prices of your high conviction asset go down, you don’t necessarily sell it, but you reevaluate your thesis.

Also, “you cannot get crazy when it’s going up.”

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Author: AnTy

The Current State of Ethereum is Very Cheap

In a matter of two weeks, the Ethereum blockchain has gone from extremely expensive to use to now being very cheap.

During the recent market sell-off, as people rushed to sell their coins or were forced to sell their cryptos, made some attempts to buy the dips, and opened short to take advantage of the opportunity, the gas prices on the second-largest network skyrocketed to a record high that eclipsed 2000 gwei on Black Wednesday.

But now, as the activity in the market has died down, the fees have come down drastically.

As of writing, 26 gwei is the average gas price, as per Blockchair.

Also, the average fee on the network in USD is currently at less than $4.5, down from $72 on May 19.

In the past 24 hours, the Ethereum network degenerated $6.3 million in fees compared to $117 million on May 11th and $26 million a day early last month, as per Coin Metrics.

These levels were last seen after the DeFi mania was over and before the bull rally of 2021.

In 2020 summer, DeFi and Uniswap mania sent the fees higher; this time, a huge sell-off and doge-inspired meme crypto-like SHIB tokens were the main drivers. ETH price surging to a new all-time high of $4,380 also contributed, which is now at $2,550.

The growing decentralized finance space is certainly the biggest factor that keeps these gas prices elevated as the largest DEX by volume Uniswap is the biggest gas guzzler on Ethereum.

The popular DEX’s both version V3 and V2 at $2.5 million and $1.5 million, respectively, are earning more than Bitcoin’s $1.3 million daily fees separately, as per Crypto Fees.

Some are seeing the low activity and calm in the market; this pre-DeFi summer levels as a prelude to maybe another DeFi summer. But that remains to be seen as the market continues its sideways action, looking for a strong catalyst to decide its next direction.

ETH 13.47% Ethereum / USD ETHUSD $ 2,693.90
$362.8713.47%
Volume 30.85 b Change $362.87 Open $2,693.90 Circulating 116.1 m Market Cap 312.77 b
9 h The Current State of Ethereum is Very Cheap 10 h May Is Headed to be One of Bitcoin’s Worst Months, Bulls and Bears Fighting for Dominance 2 d EIP-1559 Delivers What it Promises, But it’s Not Solving Gas Fees Problem

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Author: AnTy

UK Banks Suspend Payments to Crypto Exchanges Due to “High Levels of Suspected Financial Crime”

UK Banks Suspend Payments to Crypto Exchanges Due to “High Levels of Suspected Financial Crime”

Barclays, Starling, and Mozo are blocking their customers from transferring money to cryptocurrency platforms like Binance and Swiss Borg.

These banks are cracking down on transfers to crypto exchanges in recent weeks by suspending payments to the sector, reported local media.

Earlier this year, HSBC and other unmentioned banks had stopped processing cryptocurrency payments. Besides not allowing their users to make transfers between bank accounts and digital wallets, the banks also didn’t let their customers use credit cards to buy or sell BTC.

Online bank, Starling has now suspended all payments to crypto exchanges, citing “high levels of suspected financial crime with such payment.”

However, “This is a temporary measure that we’ve taken to protect customers,” said the bank’s spokesman. The added,

“This is not just an issue for Starling, but for all banks. We apologize for the inconvenience that this has caused for some customers; we will be reversing this measure as we roll out additional checks specifically for payments to crypto exchanges.”

Barclays spokesman meanwhile denied having blocked customers from interacting with crypto platforms.

The users of these banks have taken to social media to complain about the crackdown. Another retail banking company NaWest recently warned its customers about crypto scams, saying it had received a record number of reports about fraud in the sector between January and March this year.

Amidst this, City minister John Glen told Tory MP Philip Davies that a “significant number” of firms in the sector have failed to implement appropriate robust anti-money laundering controls.

Last week, only five businesses dealing in cryptocurrencies had received registration from the FCA since January last year.

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Author: AnTy

May Is Headed to be One of Bitcoin’s Worst Months, Bulls and Bears Fighting for Dominance

There is still very heightened fear in the market, but Bitcoin’s Relative Strength Index (RSI) shows some oversold condition. The crypto industry needs to see “heavy investor inflows” to break out higher and enter the bull mode.

  • One of the bloodiest months in Bitcoin’s history is now coming to an end.
  • After having a spectacular Q1 2021 and Q4 2020, the leading cryptocurrency is on for a red quarter.

April recorded a mere 1.7% loss after striking a hatrick of green months in 2021 and a total of six green months in succession. Now, May is heading for its worst month.

In the last five years, before May 2021, November 2018 during the bear market marked the worst month with 36% losses. March 2020 saw Bitcoin price falling to $3,800 only recorded a 25% drop, even Jan. 2018 and March 2018 registered bigger losses at 27% and 32%, respectively.

This month, the price of Bitcoin went from about $56,800 to as low as $30,000 on Coinbase and nearly $28k on other crypto exchanges. As of writing, BTC/USD is trading around $37,000, representing a 35% loss in the month right now.

It is to be seen if May 2021 would end up being the worst as the second half of 2011 was also a brutal one with down months recording losses of 38.92%, 37.46%, and 36.26%. Also, Dec. 2013 had a 34.6% drop.

And this much loss in the month has the Crypto Fear & Greed Index falling to levels not seen in March 2020.

The first half of the month showed greed in the market, with the index having a reading of 73 only to drop to 10 in the latter half of the month. Today, we see some relief with a reading of 18.

However, in the South Korean crypto market, sentiment remains of exhaustion, noted DooWanNa, co-founder of StableNode. He added,

“Much fewer alt discussions, especially Korean alts, now. Many are focusing on BTC movement as many know if BTC nosedives, they are all screwed anyway. ADA and ETH holders are still optimistic. But for DOGE, XRP, ETC holders? Not so optimistic.”

But this much fear in the market means we could see the market change direction soon. Economist and trader Alex Kruger said,

“When the Crypto Fear & Greed Index gets this low, a strong rally often follows. The index is now as low as it was the day after Black Thursday in 2020.”

Also, Bitcoin’s Relative Strength Index (RSI) recently dropped to 23 and is currently around 38. When the RSI is below 30%, an asset is usually considered oversold and overbought above 70%.

According to Kruger, the fact that Bitcoin had its 54% retracement combined with a supportive macro environment meaning ample liquidity — interest rates are still virtually zero and money printing isn’t stopping — increasing adoption and record stablecoin balances support the bull case for cryptocurrencies.

But at the same time, there isn’t a lack of bearish factors either. The first being China not done cracking down on crypto. However, China’s strong stance against Bitcoin despite the central bank governor calling it an “investment asset” last month came just ahead of the politically sensitive 100th anniversary of the ruling Communist Party on July 1.

Also, the exchange rate between China’s yuan and the stablecoin Tether, one of the key gauges of local sentiment, fell 4.4% after the government’s warning but has since recouped over half of the loss, as per data platform Feixiaohao.

Furthermore, reduced corporate demand due to ESG, reduced institutional demand, funds having bought the top, taper talks worsening the macro environment, short term levered demand wiped out, with gas prices on Ethereum very cheap suggesting retail being dead, and incoming US regulations add to bearish concerns. Kruger noted,

“For the Bull Case to emerge victorious, the crypto industry needs to see heavy investor inflows (which I expect). This coming week is crucial.”

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Author: AnTy

EIP-1559 Delivers What it Promises, But it’s Not Solving Gas Fees Problem

Highly anticipated EIP 1559 is getting closer and closer to its implementation as each day passes. While London hard fork upgrade in mid-July is still a month and a half away, it is all the Ethereum community can talk about.

The reason for EIP-1559’s popularity is the new narrative it gives to Ethereum – an “ultrasound money,” according to ETH enthusiasts.

This Ethereum Investment Proposal will basically burn a portion of the fees that are paid in ETH hence removing those ETH from circulation. Given that the Ethereum network is the biggest fee earner in the crypto space, currently generating over $9 million a day, the pace at which the gas will be burned will effectively be faster than at which ETH is mined.

This will reportedly make Ether a deflationary asset, hence, sending the prices higher. However, if you were expecting this proposal to bring down the extremely high fees on the network, then you won’t be getting a reprieve.

EIP 1559 is not about solving the gas problems and tip aka priority fee estimation is as complex as gas price estimation today which Georgios Konstantopoulos, a researcher at Paradigm, noted is true as it fundamentally, still follows the first-price auction.

Instead of relying on oracles for the correct price, “under 1559, basefee is an *objective* measure of congestion, which catches up quickly to the true equilibrium price, bursting bubbles sooner, which means bidding wars are necessarily short-lived,” said Barnabé Monnot, a researcher at Ethereum Foundation.

Meanwhile, James Hancock, project team lead at EthSignals explained that EIP-1559 basically reduces the overpaying transaction fees, which is different than simply reducing fees. He added,

“Inefficiently priced transactions mean you pay more than you should (based on market demand). We shouldn’t pay more than we should.”

While some don’t believe that the upgrade delivers, Konstantopoulos, along with researcher Hasu in their detailed write-up on derivatives platform Deribit, said it “largely holds what it promises.”

“It should make fee estimation much more predictable except for very short periods of high congestion…Its ability to set minimum fees in the protocol opens a new design space, ranging from elastic blocksize, perpetual block subsidy, better resistance against economic abstraction, to better auction models going forward.”

ETH is doing what MakerDAO did

Source: @Tetranode

Amidst all this, during the latest Ethereum core developers meeting, MH Swende identified an issue in EIP 1559 where, as Tim Beiko, who coordinates the developer work on the second-largest network for the Ethereum Foundation shared on Twitter, “the new fields introduced in transactions (maxFee & maxPriorityFee) did not have an explicit cap.”

This meant that an attacker could create arbitrarily large transactions which prior to this EIP wasn’t possible, to create a transaction with a huge gas price as one actually needed to have that amount of ETH and if the transaction is included, the amount has to be paid. He said,

“Because the fields in 1559 are maximums, you could abuse this, not actually pay those huge gas values, and spam the network.”

However, the fix is simple which includes adding four checks to EIP-1559: the first two check that the maxFee and maxPriorityFee are < 2^256, the third checks that the maxFee is larger or equal than the maxPriorityFee, and lastly, it is checked that a transaction sender’s balance is larger than their maxFee times their gas used.

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Author: AnTy

After Several Years, The SEC Charges BitConnect Promoters

The US Securities and Exchange Commission (SEC) charged five individuals for promoting the global unregistered digital asset securities offering, BitConnect, that raised over $2 billion from retail investors between January 2017 to January 2018.

BitConnect organized a global network of promoters through referral commissioners and used them to sell securities in its “lending program” without registering the securities and themselves as broker-dealers with the Commission as required by federal security laws, the SEC said on Friday.

The agency alleged Trevon Brown, Michael Noble, Crag Grant, and Ryan Maasen, among the promoters advertising to prospective investors through YouTube videos. Joshua Jeppesen, who represented BitConnect at conferences and acted as a liaison between the company and promoters, is also charged by the agency.

In its charges, the SEC said BitConnect told investors that it would use their funds to trade in, profit from the volatility, and promised to pay investors the profits. Reportedly, BitConnect promised as much as 40% per month.

“We will seek to hold accountable those who illegally profit by capitalizing on the public’s interest in digital assets,” said Lara Shalov Mehraban, Associate Regional Director of SEC’s New York Regional Office.

The SEC’s complaint charges the promoter defendants with violating the registration provisions of the federal securities laws and seeks injunctive relief, disgorgement plus interest, and civil penalties.

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Author: AnTy

US ETFs’ Record Inflows, Bitcoin Weekend Volatility, & Crypto Mining Machines on Sale

It’s the weekend, and the crypto market is volatile yet again.

For the past few weeks, weekends have been bearish, and the same is true this time as Bitcoin price trades around $35k, as it continues to chop between the $32k and $42k range. Eth is also down at $2,400, and the total market cap is around $1.5 trillion.

Amidst this, on Friday, Scott Minerd, the CIO at Guggenheim Partners, decided to impart knowledge with which the crypto market has already been familiar, having seen for weeks now.

Minerd, known in the crypto community for his bad takes on Bitcoin price, warned crypto investors of a volatile weekend.

The crypto market would have liked to share similar warnings about the traditional stock market as the US Dollar index took a spike to 90.44, but unlike crypto, they are not open 24x7x365.

The latest slump in Bitcoin price isn’t really affected by anything, although a lot is still going on in the market. With volume low, especially over the weekend, it is easier to move the prices.

According to Ian Rogers, chief experience officer at Ledger SAS, volatility is a feature and not a bug for cryptos; as he explained in his interview with Bloomberg, during volatility, people go from Bitcoin and into stablecoins and back into BTC when they think the cryptocurrency has bottomed.

“If you’re investing in cryptocurrency, it’s a long term game,” which means a time horizon of four years as crypto as an asset class overall “will grow for the foreseeable future,” he added.

The Money Flow

While China remains a risk to the price in the short term, there is no clarity from the country on banning crypto mining. Chinese state media, meanwhile, is collectively launching attacks on highly leveraged futures and quoting screenshots of Binance futures.

Additionally, miners remain cautious and have been moving overseas. Miners are also selling their equipment that has the Antminer S19’s cost drop from their previous highest point of $12,000 to now a minimum of $8,000, and continue to decline as more and more machines are being listed for sale.

This selling is by miners who “are worried about the government’s subsequent anti-mining policy,” noted local publication Wu Blockchain.

Bitcoin hash rate, however, isn’t showing any notable weakness, currently at 142 Th/s, down from about $171 Th/s all-time high from May 13, as per Bitinfocharts.

At the same time, US President Joe Biden is preparing for a big $6 trillion budget for the next fiscal year, sending the valuation of risky assets even higher.

All the money printing due to loose monetary policy has led to investment into US exchange-traded funds (ETFs) to rise to record levels, $324 billion in the first four months of this year, as per Refinitiv data. This is an increase of 180% from the same period last year.

The Joe Biden administration’s proposal to increase the U.S. capital gains tax also fuelled interest in ETFs. Besides tax liabilities, what makes ETFs attractive are their lower fees, benign passively managed, and redemption mechanism called “in-kind transfer,” which doesn’t involve paying cash but rather delivering the asset precluded from being taxed.

“The relaxation of the exemption rule requirements has allowed ETFs to be structured to cover narrower segments of the market such as marijuana stocks, ‘high conviction’ stocks, crypto-focused, etc.,” said Warren Ward, founder of financial planning firm Warren Ward Associates. And when one can have a basket, why would one choose a single stock, he added.

This growth can also be seen in Bitcoin ETFs and Ether ETFs in Canada, and such products in the US are expected to have similar spectacular results, but the SEC is yet to approve a single one.

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Author: AnTy

Token-less Ethereum Layer 2 Arbitrum Chooses ETH as its Native Asset

Token-less Ethereum Layer 2 Arbitrum Chooses ETH as its Native Asset

  • Mainnet beta of much-awaited Arbitrum is now live on Ethereum and is open to developers.

The Ethereum layer 2 scaling solution has begun onboarding infrastructure and projects. And as the team noted in its official announcement, “the developer interest and enthusiasm for Arbitrum has exceeded our wildest expectations.”

More than 250 teams have already reached out to them, asking for access to Arbitrum’s developer launch. To ensure a fair launch, Arbitrum One is initially open to all those who requested access.

The team has given its mainnet chain the name Arbitrum One — while Arbitrum is the technology, Arbitrum is the flagship chain.

The team and partners are supporting the Arbitrum chain, but “it’s possible that at some point in the future there will be other rollup chains that also use the Arbitrum technology, and to make sure this never gets confusing,” the differentiation has been made.

It will be opened to end-users once there’s a quorum of live projects that have deployed on the network and are ready to go live.

Right from the start, Arbitrum boasts of reducing fees by over 50x, which is the most exciting thing given that during periods of high volatility in the market, the fees on the Ethereum network skyrocket, making it simply unusable for smaller users.

However, Arbitrum is not free as it costs to operate the chain and support infrastructure. The majority of the fees collected on Arbitrum are used to pay for posting calldata on Ethereum, which goes to Ethereum miners.

Interestingly, unlike sidechain Polygon, which has its own token MATIC, which has rallied over 10,000% this year so far, Arbitrum has no token of its own, which means people can’t really bet on its growth. MATIC -6.97% Polygon / USD MATICUSD $ 1.69
-$0.12-6.97%
Volume 3.5 b Change -$0.12 Open $1.69 Circulating 6.21 b Market Cap 10.51 b
6 h Token-less Ethereum Layer 2 Arbitrum Chooses ETH as its Native Asset 2 d Ethereum Layer 2 Solution Polygon Launches SDK to Transform Ethereum Into An Internet of Blockchains 3 d Shark Tank Investor Mark Cuban Backs Ethereum Layer 2 Solution, Polygon

So, Arbitrum has chosen ETH as its native asset, which means fees will be paid in ETH on L2.

The price of Ether is currently around $2,430, down 44% from its ATH of $4,380 on May 12.

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Author: AnTy

BoJ Gov Calls Bitcoin Speculative; Central Bank’s Assets Quadrupled to $6.5T Under Aggressive Easing

BoJ Governor Slams Bitcoin as ‘Speculative’ while Central Bank’s Assets Quadrupled to $6.5T Under his Aggressive Easing

Despite keeping both long and short-term rates low and stable, the Bank of Japan couldn’t achieve its 2% inflation target, which it still won’t be able to, by the time Haruhiko Kuroda’s tenure ends in April 2023.

Bank of Japan Governor Haruhiko Kuroda’s views on Bitcoin and cryptocurrencies are the same as other central bankers.

“Most of the trading is speculative, and volatility is extraordinarily high,” Kuroda said in an interview Thursday. “It’s barely used as a means of settlement,” he added.

While he doesn’t have anything different from his peers to say about cryptos, he did differentiate cryptocurrencies from stablecoins.

But these fiat or asset-backed coins must meet legal standards and healthy governance codes as well, so they could become a convenient way of payment in the future, Kuroda said.

While the central bank official is busy slamming cryptocurrencies, total assets held by the Bank of Japan have risen to 714.56 trillion yen ($6.5 trillion) in fiscal 2020.

Under Kuroda’s aggressive monetary easing, total assets have quadrupled in these eight years, growing to 1.3 times the size of the country’s economy.

Despite the ultra-loose monetary policy, the BOJ has yet to achieve its 2% inflation target, which will still be unattainable by the time Kuroda’s tenure ends in April 2023, as per BOJ projections.

Japan’s consumer prices actually declined by 0.4% year-on-year in April 2021, following a 0.2% drop in the prior month — representing the seventh straight month for a fall in consumer prices.

Of the BOJ’s assets, government bonds totaled 532.17 trillion yen ($4.84 trillion), up 9.5% from a year earlier, and loans to financial institutions marked a 2.3x increase to 125.84 trillion yen ($1.14 trillion).

To keep both short-term and long-term interest rates low and stable, BOJ has already gobbled up large amounts of government bonds, owning over 40% of those outstanding.

And this has been the reason why people have been chosen to invest in Bitcoin and cryptocurrencies. As we reported, Ray Dalio, founder of Bridgewater Associates, when he revealed that he owns some Bitcoin, said he would rather own BTC than government bonds.

According to Dalio, should cryptocurrencies continue to gain traction, investors might decide to invest in them, too, rather than bonds.

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Author: AnTy

Another Ethereum ETF Filed with the SEC

Now, two companies, VanEck and Wisdom Tree, have joined the race for an Ethereum ETF, with a longer coverage of risks, including consensus mechanism shift, energy-intensive mining raising the economic and societal costs of mining, congestion in-network, and more.

  • WisdomTree is the latest one and the second to file for an Ethereum exchange-traded fund (ETF) after VanEck.

According to the filing with the Securities and Exchange Commission (SEC), Wisdom Ethereum Trust has named Cboe BZX Exchange as the exchange to list the ETF under a to-be-determined ticker symbol if approved. The ETF specialist firm hasn’t picked a crypto custodian yet.

WisdomTree has already filed for a Bitcoin ETF, but the US regulator has yet to approve a single one in the country. In Canada, several Bitcoin ETFs and Ether ETFs have been approved and are already demonstrating a spectacular performance making the US companies excited and competitive to be the ones to launch the investment vehicle first to gain the first-mover advantage.

While several, at least nine Bitcoin ETFs have been filed in the US, lately, Ether has also joined the race amidst the bull run as the crypto market matures and the second-largest cryptocurrency grabs the attention.

As we reported recently, JPMorgan, Goldman Sachs, and billionaire investor Carl Icahn have come in support of Ethereum, finding it more valuable as a payments system and a store of value than Bitcoin.

Besides the usual risks, this time, in regards to Ethereum, the firm also covered several more, including hard fork, its energy-intensive mining, raising concerns about climate change that may raise the economic and societal costs of mining, moving from Proof-of-Work (PoW) to Proof-of-Stake (PoS) consensus mechanism, new competing blockchain networks posing a challenge and competition from central bank digital currencies (CBDCs).

Congestion or delay in the Ethereum network delaying purchases or sales of ether by the Trust, scaling challenges and efforts to increase the volume of transactions not turning out to be successful, and miners acting in collusion to raise transaction fees adversely affecting the usage of the Ethereum network, are also covered as potential risks for the loss in the value of the Trust.

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Author: AnTy