As investors look for a place to safely store their assets amid geopolitical turmoil, the world’s second-biggest cryptocurrency is getting a boost.
Ethereum founder Vitalik Vuterin speaks at TechCrunch.
After catching the eye of both the Singapore government and Russian President Vladimir Putin, Ethereum—the second-biggest cryptocurrency in the world, after Bitcoin—continues to skyrocket. On Monday morning, the cryptocurrency was trading at a record-high level of $407.10, more than a 5,000 percent rise since the beginning of 2017, when it was trading at $7.98.
Ethereum’s founder, Vitalik Buterin, recently met with Putin during the St. Petersburg International Economic Forum, a signal that the country may be interested in using digital currency to move its economy beyond gas and oil. “The digital economy isn’t a separate industry, it’s essentially the foundation for creating brand-new business models,” Putin said at the forum. (Russian entities, like the state development bank VEB, have agreed to use Ethereum to help implement blockchain technology in the country). As investors look for a place to put their assets amid mounting geopolitical instability, some are turning to cryptocurrency. Singapore’s government has released a report saying it has carried out a test using ethereum blockchain technology to create a national digital currency. Regulators in Japan are issuing new rules that make cryptocurrencies like Ethereum a valid form of payment. And companies such as Toyota and Microsoft, which are members of an organization called the Enterprise Ethereum Alliance, are throwing their weight behind the cryptocurrency, too.
Ethereum, which has a total valuation of $36 billion, trails only Bitcoin (valued at $49 billion) in terms of market capitalization. Bitcoin has been rallying all year, reaching a high of above $3,000 for the first time on Sunday as a growing number of people turn to virtual currencies as a safer, faster way to exchange money. But Ethereum’s rally may still have a ways to go: Pavel Matveev, the co-founder of banking start-up Wirex, tells CNBC that Ethereum’s price could reach $600 by the end of the year.
Very good work dear friend @discreetsaint very interesting and topical, where everyone is observing the behavior of the criptomonedas, I believe that this coin is going to amaze us all, is going to get much closer to the price of bitcoin, in less time than thought-out. Thank you very much for this material.
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I'm so grateful
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Even JPMorgan is getting on the Ethereum bandwagon, although they have a potentially pernicious aspect to their work. They have been working to create a private blockchain for member banks which will keep secret the identity of which member bank has engaged in a transaction. Only member banks will be able to use the insider chain, but it will stay linked to the public chain for public transactions.
This anonymity feature is troubling. If all the member banks have to be trusted by all the other member banks in order to be a member, then why hide their identities? Hiding the identity of those who sell naked short contracts in the gold market is what makes it possible to get away with all the manipulation that occurs in the gold market. If a cookie gets stolen out of the cookie jar, and all of the kids can shrug their shoulders and say, "We don't know who took it, " then mischief is encouraged.
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Nice one
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The way it is going $600 could be reached by the end of summer.
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Such a good thing
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I for one would like to thank this strange, Russian hobbit-leprechaun.
He's created a crypto which I believe will be the new standard, we'll be trading bitcoins just like any other altcoin and keep our wallets in ethereum ;)
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It soon should be growing close to bitcoin
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Thumb up
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Source: http://www.vanityfair.com/news/2017/06/a-mysterious-new-cryptocurrency-is-surging-after-being-endorsed-by-putin
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Thank You!
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