Grayscale Reports Growing Interest in Ethereum

Michael Sonnenshein, Managing Director at Grayscale Investments, said that Ethereum-first investors have grown significantly during 2020 as the community accepts ETH as an asset class.

Sonnenshein expressed his views regarding the surge of Ethereum in a recent interview with Bloomberg. He compared ETH with Bitcoin in terms of popularity and added that Ethereum has been able to capture the attention of institutional investors.

The Board Member of the $12 billion investment fund mentioned that the world’s second-largest cryptocurrency is not just a coder currency, and it has gained traction from Wall Street giants in 2020.

“Over the course of 2020, we are seeing a new group of investors who are Ethereum-first and in some cases Ethereum-only. There’s a growing conviction around ETH as an asset class. The development of the asset class has continued to solidify itself,” Sonnenshein said in an interview.

Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term Rivalry

Despite the reason that the crypto community treats BTC and ETH in different ways, there has always been strong rivalry between the top two Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term. This year has been particularly good for the overall cryptocurrency market as institutional investors took large crypto positions, mainly in Bitcoin. But, the recent statement from Sonnenshein shows that Ethereum is not far behind in gaining Wall Street traction.

“Ethereum has along the same lines of the staying power bitcoin has,” he said. The current market cap of Ethereum stands at around $67 billion, compared to $357 billion of Bitcoin. Despite a massive difference in market capitalization, ETH gained more than 300% in terms of price this year, compared to approximately 150% gain from Bitcoin.

Furthermore, Grayscale experienced a surge in Ethereum volumes in November as the world’s largest cryptocurrency asset management firm crossed $12.5 billion in assets under management last week. ETH has started its journey towards a proof-of-stake network with the launch of Beacon Chain earlier this month as the ETH community staked more than 1 million Ethereum.