Based on 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 “quite 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
Based mostly on stories, Keys says the GENIUS Act can be a sport‑plan for progress. That regulation, authorized on July 18, clears the best way 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 expected trillions, that share would drive huge price positive aspects for validators and dApps alike.
Good‑Contract Community Attracts Institutional Flows
Based on 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 may soar to $15,000 by yr‑finish. Lee, nonetheless, nonetheless holds Bitcoin in addition to Ethereum.
SPAC Itemizing Raises Large Cash
Based mostly on filings, the Ether Machine has teamed up with SPAC agency Dynamix Company to checklist below the ticker ETHM on Nasdaq.
Keys is placing in $645 million of his personal funds as an anchor funding. The mixed firm goals to lift $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
Based on on‑chain information, some exercise is shifting to Layer‑2 networks comparable to Arbitrum and Optimism. Rival blockchains like Solana and Avalanche additionally host elements of the stablecoin market and NFT trades. That pattern may unfold transaction charges away from Ethereum mainnet, curbing a few of its anticipated positive aspects.
Based mostly on market chatter, some analysts fear a couple of cliff in SPAC deal circulation. Closing the ETHM merger depends upon shareholder redemptions and SEC assessment.
There’s additionally regulatory threat over staking companies, which the SEC may even see as unregistered securities. Gasoline‑price spikes during times of heavy use may deter new customers, too.
Featured picture from Unsplash, chart from TradingView
Editorial Course of for is centered on delivering completely researched, correct, and unbiased content material. We uphold strict sourcing requirements, and every web page undergoes diligent assessment by our crew of prime know-how consultants and seasoned editors. This course of ensures the integrity, relevance, and worth of our content material for our readers.
