Ripple CTO David Schwartz Says Bitcoin (BTC) Price Won't Decrease. Here's Why

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Fri, 06/26/2020 - 10:31
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Vladislav Sopov
Chief Technical Officer of Ripple Inc. David Schwartz has commented on American investor Jim Rogers' skepticism of cryptocurrencies and Bitcoin (BTC)
Ripple CTO David Schwartz Says Bitcoin (BTC) Price Won't Decrease. Here's Why
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Recently, legendary investor and Austrian School economist Jim Rogers in his interview with Japanese media outlet Asahi admitted that he foresees a very sad future for Bitcoin (BTC) and cryptocurrencies. What makes him think so? And why does the Ripple CTO disagree?

'Governments have guns'

Like many other old school investors, Jim Rogers believes that both Bitcoin (BTC) and altcoins are clearly bubbles. These institutions are too immature, so, their rapid growth is nothing but euphoria.

Also, according to the investor, interest in cryptocurrencies is based on the demerits of the modern fiat-based monetary system. Crypto holders try to outsmart governmental control, but they have no chance to succeed. State-backed institutions still have too much power to disrupt the cryptocurrency sector with their 'guns'.

In turn, cryptocurrencies lack the 'armed force' of governmental power and that's why they would be easily destroyed by states, the investor admitted.

However, he thinks digital money is a valuable concept, and governments will use them to advance asset control systems. That's why some states are researching digital currencies and their use-cases. As covered by U.Today Crypto News, Saudi Arabia recently deployed a blockchain system for the interaction between the central bank and local banks.

Price may not even decrease

Ripple CTO David Schwartz highlighted that government restrictions typically are not effective in this industry. It is unlikely they will even push its price down, let alone destroy Bitcoin (BTC) completely.

Ripple CTO doubts the opinion that governments can destroy crypto
Image via Twitter

He reminded his followers that regulatory restrictions or bans do not result in price declines for assets. 

Three weeks ago Jim Rogers recommended avoiding taking investment advice from states. He insists that this warning is particularly important in a time of recession.

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About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

2,500,000 Ethers Locked in Ethereum 2.0 Deposit Contract as ETH Rejected From $1,250

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Fri, 01/15/2021 - 18:02
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Vladislav Sopov
Ethereum 2.0 enthusiasts deposited whopping sum in its contract launched six weeks ago
2,500,000 Ethers Locked in Ethereum 2.0 Deposit Contract as ETH Rejected From $1,250
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While crypto markets are trying to get out of the most painful correction in this bullish cycle, the Ethereum 2.0 deposit contract accomplishes another crucial milestone.

ETH2 deposit contract surpasses $3,000,000,000 level

According to leading Ethereum network observer Etherscan, the Ethereum 2.0 deposit contract (0x00000000219ab540356cBB839Cbe05303d7705Fa) allocated more than 2.5 million Ethers. New 32-ETH stakes are transferred to it every minute.

ETH2 deposit contract breaks above $3B
Image by Etherscan

As the correction of the Ethereum (ETH) price ended, ETH is changing hands at $1,225: the $1,250 level was too difficult for bulls to conquer. Meanwhile, even at press time, it is worth almost $40,000 to join the club of Ethereum 2.0 stakers.

Therefore, the USD-denominated value of assets locked in the contract surpassed $3 billion for the first time ever and keeps surging.

It should be noted that Ethereum 2.0’s deposit contract went live on Dec. 1, 2020, heralding the start of ETH2 Pase Zero or Beacon Chain, the inaugural stage of Ethereum 2.0.

Ethereum 2.0 “entry tickets” become really expensive

At press time, more than 52,267 addresses transferred money to the deposit contract.

Ironically, Black Thursday in Crypto (March 13, 2020) was the most convenient time to join Ethereum 2.0 staking with Ether at $95. Today, Ethereum (ETH) enthusiasts should pay 13 times more to have a minimum amount of Ethers required for staking.

Ethereum 2.0 is a proof of stake (PoS) iteration of the Ethereum (ETH) protocol. It replaces mining by staking and splits the whole Ethereum (ETH) network into several interconnected sub-chains (shards).

According to Staking Rewards analytical dashboard, annualized rewards for ETH staking are estimated between 10.4 and 10.6 percent.

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About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)