Goldman Sachs: Ethereum (ETH) Might Overtake Bitcoin (BTC) As A Store of Value

Amid the recent crypto market volatility and the rising dominance of Ethereum (ETH), the debate of ETH vs BTC has sparked with some big players joining the discussion. Wall Street banking giant Goldman Sachs recently published its Global Macro Research report that goes all praises for Ethereum.

ParaFi Capital General Partner Santeago Santos shares some key points and excerpts from the report. The Goldman report notes:

“Given the importance of real uses in determining the store of value, Ether has high chance of overtaking Bitcoin as a dominant store of value. The Ethereum ecosystem supports smart contracts and provides a way to create new applications on its platform. Most decentralized finance (DeFi) applications are being built on the Ethereum netwrk, and most non-fungible tokens (NFTs) issued are purchased using Ether. The greater number of transactions in Ether versus Bitcoin reflects this dominance”.

The banking giant also noted that Ethereum holds the first-mover advantage in applied crypto technology by hosting DeFi and NFTs. It further adds that Ethereum is the right platform for secure and private storage of information that can be monetized using tokens.

Thus, establishing a digital profile on Ethereum can help users to store personal data including medical history, asset ownership, IP rights, and much more. Goldman refers to the Ethereum platform as the “Amazon of Information”.

Etheruem Whale Transactions At a Three-Year High

After surging to its all-time high of $4400 in mid-May 2021, the Ethereum (ETH) price has crashed 50% since then and is currently trading around $2200. However, on-chain data provider Santiment notes that the amount of ETH whale transactions above $100,000 in value has skyrocketed to a 40-month high within nine days of hitting the ATH.

At the same time, the ETH exchange deposits have been increasing at a faster rate reports journalist Wu Blockchain. Thus, a strong selling sentiment has ensued recently. The journalist further notes a strong liquidation by the Ethereum foundation. He adds: “The Ethereum Foundation also transferred 35,000 Eth to the exchange for suspected sale on May 17, when the price was 3280 US dollars”.

While on the other end, Canada’s Purpose Bitcoin ETF continues its massive ETH accumulation. Just over the last 15 days, Purpose has added nearly 15K ETF taking its total holdings to 46,600 ETH coins.

The post Goldman Sachs: Ethereum (ETH) Might Overtake Bitcoin (BTC) As A Store of Value appeared first on Coingape.

Publication date: 
05/23/2021 - 10:11

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