Billionaire Mike Novogratz has shared his opinion on the future of Ethereum as the time to switch from proof-of-work to proof-of-stake is slowly approaching.
In a conversation with CNBC’s Squawk Box, Mike Novogratz said that he sees Ethereum as his biggest crypto trade due to the existing hard fork The Merge.
“It’s moved a lot, but The Merge is a big deal, it takes the supply of mining that used to be constantly sold, and actually locks it into what we call hodlers and long–term contracts, so you’ll see the supply – the demand imbalance in Ethereum is really shifting.”
“Prices are always set on the margin, so I think that the enthusiasm that this merger is finally taking place will continue to draw money into Ethereum.”
On August 10, Ethereum took the top trending crypto place, while the trading volume of ETH futures recently reached a 3-month high before The Merge.
Especially after the announcement of the fork, the value of ETH has risen, with the price having withstood the collapse of the market. Analysts and experts expect several developments in the network. A recent report stated that The Merge would act as a catalyst to turn Ethereum into a global institutional asset.
While the US CPI report was 8,5% lower than expected, the US dollar index fell, while stocks and cryptocurrencies rose.
In response, Ethereum jumped to $1,830, which is an increase of 6,81% in one day and over 10% in the last week.