What happened?
Joseph Lubin, co-founder of Ethereum, has predicted a 100x rally for ETH as it emerges as Wall Street’s favorite cryptocurrency in the transition from traditional finance (TradFi) to decentralized finance (DeFi). In his post on August 30, he confidently stated that Wall Street will stake Ether as it has the potential to replace much of their existing infrastructure. He also believes that ETH could surpass Bitcoin’s monetary base.
Who does this affect?
This prediction can impact Wall Street firms, investors, and the broader cryptocurrency community. Wall Street firms may need to reconsider their current infrastructure and consider investing in Ether. For investors, especially those invested in ETH, this could mean significant potential gains. On a larger scale, this prediction also supports the increasing shift towards DeFi and could influence the trajectory of the entire cryptocurrency market.
Why does this matter?
This prediction is significant and matters because if it comes true, it has the potential to reshape the financial landscape. As Ethereum becomes more prevalent in replacing many of Wall Street’s operations, it could speed up the adoption of DeFi. Additionally, if Ether does flip Bitcoin’s monetary base, it would mark a fundamental shift in the crypto market hierarchy and dynamics. All these factors could lead to far-reaching effects on investors and the market at large.