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Breaking News: Tether Targets $500 Billion Valuation In New Equity Offering Amid US Expansion Plans

Galaxy Digital CEO Explains Why Ethereum Is Outperforming Bitcoin

Best Owie
Best Owie
1 year ago
3 mins read
Picture of Ethereum with a downward trend line going through it

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Bitcoin’s 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’s 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 | Goldman 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’s offering is larger than an inflation play.

In contrast to this, bitcoin’s 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 | Why 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. “People see Ethereum as a technology bet,” 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.

Ethereum price chart from TradingView.com

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 “monster fourth quarter”. 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
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Best Owie
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

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Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity.

When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world’s most quiet and well-behaved Husky. Best’s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well.

As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers.

Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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