Ether Machine Boss Snubs Bitcoin, Backs Ethereum As Superior Bet

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In response to Andrew Keys, co‑founder and chairman of the Ether Machine, Bitcoin looks like yesterday’s software.

He informed CNBC’s Squawk present on July 21 that he’d “fairly have an iPhone than a landline.”

Keys went on to say he owns zero Bitcoin, staking his total perception on Ethereum. That transfer places him in a small group of crypto backers who champion Ethereum with out holding any Bitcoin.

Ethereum Agency Backs GENIUS Act

Based mostly on experiences, Keys says the GENIUS Act will likely be a recreation‑plan for progress. That regulation, authorized on July 18, clears the way in which for US‑based mostly stablecoin issuers by setting guardrails for audits, reserves and licensing.

Greater than 50% of all stablecoins now run on Ethereum’s sensible‑contract community. If stablecoin volumes hit the anticipated trillions, that share would drive large price positive factors for validators and dApps alike.

Sensible‑Contract Community Attracts Institutional Flows

In response to Keys, institutional gamers will flock to Ethereum for settlements and actual‑world tokenization. He in contrast Ethereum’s stablecoin grip to Google’s search dominance, noting Google has about 90% of all searches.

Banks and funds, he mentioned, will discover it simpler to deal with money‑like tokens on a community constructed for programmable cash. That view echoes strategist Tom Lee of FundStrat, who just lately mentioned Ether might bounce to $15,000 by 12 months‑finish. Lee, nevertheless, nonetheless holds Bitcoin in addition to Ethereum.

SPAC Itemizing Raises Large Cash

Based mostly on filings, the Ether Machine has teamed up with SPAC agency Dynamix Company to listing underneath the ticker ETHM on Nasdaq.

Keys is placing in $645 million of his personal funds as an anchor funding. The mixed firm goals to lift $1.5 billion to again a treasury of ETH, staking operations and DeFi methods. Traders like 10T Holdings, Pantera Capital and Electrical Capital have already signed on.

Competitors From Layer‑2s And Different Chains

In response to on‑chain information, some exercise is shifting to Layer‑2 networks resembling Arbitrum and Optimism. Rival blockchains like Solana and Avalanche additionally host components of the stablecoin market and NFT trades. That development might unfold transaction charges away from Ethereum mainnet, curbing a few of its anticipated positive factors.

Based mostly on market chatter, some analysts fear a few cliff in SPAC deal stream. Closing the ETHM merger is dependent upon shareholder redemptions and SEC assessment.

There’s additionally regulatory threat over staking companies, which the SEC may even see as unregistered securities. Gasoline‑price spikes in periods of heavy use might deter new customers, too.

Featured picture from Unsplash, chart from TradingView

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