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Price Immaterial to ETH, Ethereum Not a Store of Value – Max Keiser


newslogical.com 24 July 2020 18:30, UTC
Reading time: ~2 m

Popular TV images and American broadcaster Max Keiser who recently foresaw that Bitcoin critics Peter Schiff and Mark Cuban would eventually buy Bitcoin has said Ethereum is not a store of value. The avid crypto fan insinuated that unlike most cryptocurrencies in the market, price is immaterial to Ethereum.

This is coming shortly after a news sparked in the crypto space that Ethereum, for the first time in history, outpaced Bitcoin as the world most used crypto asset. However, it seems Keiser never intended ridiculing Ethereum.

The financial journalist said no matter the price status of Ethereum in the cryptocurrency market, the blockchain project would still perform the task it was created to do.

At any price level, Ethereum performs its task, Keiser proclaimed that since it’s not a store of value, hence, price means almost nothing to the cryptocurrency.

“Software does what it does and what somebody pays for that software doesn’t change it” Keiser said.

Max Keiser seems to be of the opinion that Ethereum offers more value than many understands. Rather than using it as a store of value, the blockchain project offers more solution that is much valuable in the real-world use case.

He said this in response to a viral sentiment in the crypto Twitter community that Ethereum market value does correspond with the solutions it offers in the real-world.

While the usage of Ethereum network recently spiked in relation to stablecoins and DeFi applications on the blockchain network, many expect that the price of the cryptocurrency should also follow the same trend, and ETH value should be riding the bull by now.

However, Max Keiser thinks the contrary. He explained that an increase in the usage of the cryptocurrency would not translate to high market value. He concluded that there is no special reason for ETH price to spike “other than price manipulation” from dishonest dealers.

Ethereum Settles More Value than Bitcoin daily

The rise in the usage of Ethereum due to DeFi on the blockchain network was a great one for the Ethereum community and its team, however, the blockchain network recently saw a significant spike in usage, surpassing Bitcoin for the first time, and crypto research platform Messari crypto said this can be linked to the rise of stablecoins on Ethereum.

This growth is seen as a major milestone in the crypto world and would forever be remembered in history as the day Ethereum outshined Bitcoin as the most used cryptocurrency.

According to data illustrated by Messari Crypto in a chart, Ethereum surpassed Bitcoin in terms of daily transaction settlement since mid-July.

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