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Here’s why a top VC thinks Ethereum could rally over 3,000% in the next bull run

From its all-time high price just shy of $1,500, Ethereum down by just around 85 percent.

The post Here’s why a top VC thinks Ethereum could rally over 3,000% in the next bull run appeared first on CryptoSlate.

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From its all-time high price just shy of $1,500, Ethereum down by just around 85 percent. To put that into context, Bitcoin is down only around 50 percent from its $20,000 high.

ETH is far from “dead,” but over recent months, the relatively dismal price performance has left some wondering if the cryptocurrency will ever see gains similar to those seen in 2017 and in 2018.

According to Chris Burniske of Placeholder Capital, it’s possible.

Ethereum could hit $7,500 in the coming years

The co-author of industry primer “Crypto-Assets” remarked on Jun. 14 that if Bitcoin passes $50,000 in the “next cycle” and if ETH returns to an all-time high, “expect to see ETH above $7,500.”

A rally to $7,500 would correspond with more than 3,000 percent in gains from the current price of $235.

This is more than a hypothetical scenario to Burniske though.

He explained in the Twitter thread that it’s almost inevitable Bitcoin breaks $50,000 and that “ETH surpasses its all-time highs against Bitcoin” due to Ethereum’s “strong on-chain economies.”

The mainstream realizing that Ethereum is the next big thing, the “new kid on the block,” will result in an investment “frenzy” as well, Burniske explained. Presumably, the investor is talking about how everyone knows the “why” and “what” of Bitcoin but the same is not true for Ethereum.

A perfect case in point is the chart below of the search interest worldwide Google users have had in the “Bitcoin” and “Ethereum” terms over the past five years. There are about an order of magnitude more searches for “Bitcoin” than “Ethereum,” the chart shows, suggesting that ETH’s clout is still minimal.

Burniske’s optimism about the two leading cryptocurrencies is tied to the ongoing pandemic and its potential effects on the way the world works.

As reported by CryptoSlate previously, the venture capitalist said that “new technologies rise as old systems break, and often it takes a crisis to reveal the flaws of the old system in full.”

This was likely in reference to the growing sentiment that as COVID-19 ravages the world economy, individuals are starting to lose faith in traditional institutions and systems as money printing takes place, firms collapse, and governments act in ways that don’t satisfy everyone.

DeFi strongly bolsters the ETH bull case

Bolstering the sentiment that Ethereum eclipses its all-time high against Bitcoin is decentralized finance.

Ryan Selkis, chief executive of crypto researcher and data provider Messari, explained that the introduction of decentralized finance gives “ETH a higher ceiling” to rally towards in the long run than 2017/2018’s rally.

The post Here’s why a top VC thinks Ethereum could rally over 3,000% in the next bull run appeared first on CryptoSlate.

Source: https://cryptoslate.com/heres-why-a-top-vc-thinks-ethereum-could-rally-over-3000-in-the-next-bull-run/

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Crypto.com Integrates PayID Offering 5M Users an Easy and Unique Way to Send & Receive Crypto

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[PRESS RELEASE]

HONG KONG, October 19, 2020 — Crypto.com today announced PayID, a universal payment identity developed by the Open Payments Coalition, is now available on the Crypto.com App.

Crypto.com’s 5M+ users can register for a PayID from the Crypto.com app, consolidating complex wallet addresses and accounts into a simple ID that works across any payment network and currency. Users who register for their unique PayID will get an exclusive Crypto.com-branded, easy-to-read ID — such as “yourname$payid.crypto.com — that enables users to send/receive crypto payments from other compatible wallets with just a single ID, easing their ability to connect to 100M+ crypto users worldwide.

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PayID solves a key pain point in the crypto payments world, which consists of many closed and complex networks. Participants must manage multiple long and random wallet addresses, increasing the likelihood of erroneous transactions. PayID creates a free, open and common protocol that allows for interoperability between any payment network or currency.

Starting today, Crypto.com is offering early access for select customers to register their unique Crypto.com PayID. To be eligible:

  • Stake 10,000 CRO or more in Crypto.com Exchange; or
  • Stake 10,000 CRO or more in Crypto.com App

On 2 November 2020 all Crypto.com App users can register their own Crypto.com PayID within the Crypto.com App.

Once registered, users can send crypto from other compatible wallets to the Crypto.com App with just their PayID, instead of a full-length crypto address. At launch, supported cryptocurrencies include CRO, ETH, BTC, XRP and many more ERC20 tokens. Users can also send crypto to other compatible wallets using PayID hosted by other members in the Open Payments Coalition.

About Crypto.com

Crypto.com was founded in 2016 on a simple belief: it’s a basic human right for everyone to control their money, data and identity. Crypto.com serves over 5 million customers today, providing them with a powerful alternative to traditional financial services through the Crypto.com App, the Crypto.com Card, the Crypto.com Exchange and Crypto.com DeFi Wallet. Crypto.com is built on a solid foundation of security, privacy and compliance and is the first cryptocurrency company in the world to have ISO/IEC 27701:2019, CCSS Level 3, ISO27001:2013 and PCI:DSS 3.2.1, Level 1 compliance. Crypto.com is headquartered in Hong Kong with a 600+ strong team. Find out more by visiting https://crypto.com

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Source: https://cryptopotato.com/crypto-com-integrates-payid-offering-5m-users-an-easy-and-unique-way-to-send-receive-crypto/

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Crypto More Popular Than Gold Among Russian Investors: Report

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A survey among over 2,000 Russian investors has placed cryptocurrency next to gold in terms of popularity. Moreover, younger investors aged below 30 have displayed significant favoritism towards digital assets.

Crypto Ranks Above Gold Among Russian Investors

According to the study published by the World Gold Council, investors from the world’s largest country by landmass have allocated the most funds into generally accepted as safer instruments such as savings accounts, foreign currencies, real estate, and life insurance.

When asked what sorts of investment tools they had invested in the past 12 months, they placed cryptocurrencies as the fifth most popular asset with 17%. Interestingly, gold came next with 16%.

Investments Made In Russia 12 Months Back. Source: World Gold Council
Investments Made In Russia 12 Months Back. Source: World Gold Council

World Gold Council Director of Central Banks and Public Policy, Dr. Tatiana Fic, commented that gold had been a valuable part of Russia’s history. She explained that the development of the gold mining industry began in 1745 with the discovery of gold in the Urals. In the next 100 years, more than half of the global gold production came from Siberia.

However, she noted that the investment market has declined in interest lately. Dr. Fic reasoned that there’s an evident lack of education, resulting in people steering clear from the bullion. She also claimed that investors fear buying fake or counterfeit gold products.

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It’s worth noting that Russia seized purchasing gold earlier this year following half of decade of increased accumulation.

Younger Generations Keen To Experiment With Crypto

WGC’s report confirmed previous narratives that younger generations prefer allocating funds into riskier investment instruments such as digital assets.

“18-to-24-year-olds are much more willing to take risks to get exponential growth, rather than take a long-term view. For example, they are the least likely to have invested in a savings account but are the most likely to have invested in collectibles – and around two-thirds are considering investing in cryptocurrencies.” – the report reads.

The paper highlighted that the growing role of mobile apps linked to investment accounts have made it easier for tech-savvy youth to purchase their preferred assets. Cryptocurrencies lead the way “with nearly 80% being bought exclusively online.”

Although physical gold has been bought mostly offline, the report noted that online investments in gold-backed ETFs and vaulted gold have jumped in the past few years as well.

Investment Assets Purchases In Russia. Source: WorldGoldCouncil
Investment Assets Purchases In Russia. Source: WorldGoldCouncil
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Source: https://cryptopotato.com/crypto-more-popular-than-gold-among-russian-investors-report/

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