In response to Andrew Keys, co‑founder and chairman of the Ether Machine, Bitcoin seems like yesterday’s instrument.
He advised CNBC’s Squawk present on July 21 that he’d “fairly have an iPhone than a landline.”
Keys went on to say he owns zero Bitcoin, staking his whole perception on Ethereum. That transfer places him in a small group of crypto backers who champion Ethereum with out holding any Bitcoin.
Ethereum Agency Backs GENIUS Act
Primarily based on stories, Keys says the GENIUS Act can be a sport‑plan for progress. That regulation, authorised on July 18, clears the way in which for US‑based mostly stablecoin issuers by setting guardrails for audits, reserves and licensing.
Greater than 50% of all stablecoins now run on Ethereum’s sensible‑contract community. If stablecoin volumes hit the anticipated trillions, that share would drive massive payment positive aspects for validators and dApps alike.
Sensible‑Contract Community Attracts Institutional Flows
In response to Keys, institutional gamers will flock to Ethereum for settlements and actual‑world tokenization. He in contrast Ethereum’s stablecoin grip to Google’s search dominance, noting Google has about 90% of all searches.
Banks and funds, he mentioned, will discover it simpler to deal with money‑like tokens on a community constructed for programmable cash. That view echoes strategist Tom Lee of FundStrat, who lately mentioned Ether might soar to $15,000 by 12 months‑finish. Lee, nonetheless, nonetheless holds Bitcoin in addition to Ethereum.
SPAC Itemizing Raises Large Cash
Primarily based on filings, the Ether Machine has teamed up with SPAC agency Dynamix Company to record beneath the ticker ETHM on Nasdaq.
Keys is placing in $645 million of his personal funds as an anchor funding. The mixed firm goals to boost $1.5 billion to again a treasury of ETH, staking operations and DeFi methods. Buyers like 10T Holdings, Pantera Capital and Electrical Capital have already signed on.
Competitors From Layer‑2s And Different Chains
In response to on‑chain knowledge, some exercise is shifting to Layer‑2 networks similar to Arbitrum and Optimism. Rival blockchains like Solana and Avalanche additionally host components of the stablecoin market and NFT trades. That pattern might unfold transaction charges away from Ethereum mainnet, curbing a few of its anticipated positive aspects.
Primarily based on market chatter, some analysts fear a few cliff in SPAC deal circulate. Closing the ETHM merger relies on shareholder redemptions and SEC assessment.
There’s additionally regulatory threat over staking companies, which the SEC may even see as unregistered securities. Fuel‑payment spikes during times of heavy use might deter new customers, too.
Featured picture from Unsplash, chart from TradingView
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