dailyhodl.com
Guy, the pseudonymous host of Coin Bureau is listing five big reasons to be bullish on ETH, positing whether Ethereum could eventually become as big as tech giant Microsoft.
In a new video, the widely followed analyst names Ethereum’s recent EIP-1559 upgrade, which puts pressure on the supply of ETH by burning a portion of the gas fees rather than giving them to miners, as one important bullish catalyst.
He also lists the upcoming Ethereum 2.0 upgrade, bullish on-chain signals, Wall Street adoption, and the highly optimistic options prices as reasons to be an ETH bull.
“It’s hard to take [a] look at all these fundamental factors and not be incredibly optimistic about [Ethereum’s] future. The London hard fork has shown just how smoothly the Ethereum community can execute fundamental protocol upgrades. It was a great demonstration of what we could expect to see when the 2.0 upgrades start being rolled out. With that proof-of-stake merge, we’re going to see ETH become ultra sound money, money that will have a deflating supply year on year, day by day, block by block.
And it seems as if most of the crypto community agrees. ETH is being stacked, staked, and otherwise removed from the open market. It’s being held as a rare store of value that will be in much shorter supply one year from now. And of course, it’s not only us that are trying to Hoover up that ultra sound money. Institutions are chomping at the bit, or should I say ETH, as they continue to accumulate more of it. This is a theme that I don’t see slowing down anytime soon.
Taking all of these factors into account, I can see why options expiring next year have such high strike prices. Market momentum is on our side, and the ETH bull is not running out of steam.”
Guy asks his 1.24 million subscribers if it’s really hard to believe that Ethereum could have a market cap as big as Microsoft.
“If ETH was at $17,000, that would give it a market cap equivalent to that of Microsoft. Is that inconceivable knowing exactly what Ethereum will one day be powering?”