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$ETH: Head of PoS at BitOoda Explains Why #Ethereum Will Flip Bitcoin

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$ETH: Head of PoS at BitOoda Explains Why #Ethereum Will Flip Bitcoin

On Saturday (July 23), Vivek Raman, Head of Proof of Stake (PoS) at digital asset FinTech firm BitOoda, explained why $ETH will flip $BTC.

BitOoda, which was founded in New York in 2017, was “created to deliver transparency and accelerate the global adoption of transformational technologies by promoting efficient marketplaces through innovative and professional capital markets solutions.” Founders Tim Kelly and Rob Madden “leveraged their expertise to create a financial technology and services firm that aims to evolve digital asset markets through an innovative>announced the hiring of Raman, who is also Co-Founder and Managing Partner at residential real estate buy-to-rent platform Resinvest. BitOoda’s press release mentioned that “with this expansion, BitOoda plans to launch a number of financial solutions focused on PoS and ETH, including a series of new research reports, structured products, and trading strategies.”

Raman, who has nearly nine years of trading experience at investment banks Morgan Stanley, UBS, Deutsche Bank, and Nomura, waid back then:

“I could not be prouder to join the BitOoda team. BitOoda’s vision of creating a fully-compliant digital asset investment bank, where we can bring research and sophisticated financial products to institutional players, is exactly what the crypto space needs to grow in a sustainable manner.“

Well, yesterday, Raman, who goes by the moniker “VivekVentures.eth” on Twitter, posted a thread that explained why he believes $ETH will flip $BTC:

Why ETH will flip BTC:

There are 900 BTC mined per day. At current prices, that’s ~$20mm to miners daily

Let’s assume miners sell 90% to cover costs. That’s ~$18mm in sell pressure every single day

Meaning, without ~$18mm of new daily buy pressure, BTC price goes down

(1/8)

— VivekVentures.eth 🦇🔊🐼 (@VivekVentures) July 23, 2022

He went on to say:

  • “What if that ~$18mm in daily sell pressure vanished – what would that do to BTC’s price? Wouldn’t it naturally drift up with each marginal new buyer vs being constantly weighed down by daily sell pressure? This is exactly what is going to happen to ETH after the Merge“
  • “Today, ETH has a similar story: 14,250 ETH issued to miners (+ validators) daily. That’s ~$21mm in potential daily sell pressure (Technically less as validator block rewards can’t be sold yet, but let’s ignore) Post merge, the ~$21mm in daily sell pressure goes to $0“
  • “Actually, in most cases, the net daily issuance goes negative, since enough ETH is burned (via EIP-1559 burning tx basefees) that more ETH is removed than issued This means that there could be net daily buy pressure on ETH (without a dollar of external capital entering)“
  • “This is the argument for ETH’s economic sustainability If removing all daily sell pressure from BTC would help BTC price, then it stands to reason that bringing net ETH issuance to zero (or negative) is bullish for ETH There’s no more structural sell pressure post Merge“
  • “The Merge is coming; ETH will transform into an economically (and environmentally and game theoretically) sustainable asset – arguably more so than BTC…“

On July 21, Russian-Canadian programmer Vitalik Buterin, who is the creator of Ethereum, shared his thoughts about “the longer-term future of the Ethereum protocol” at the annual Ethereum Community Conference (EthCC) in Paris, France.

Buterin started his talk by saying:

“The Etheruem protocol right now is in the middle of this long and complicated transition, and it’s a transition toward becoming a system, which is much more powerful and robust in a lot of ways, right?

“At the end of the last year, I published this kind of updated roadmap document, where I talked about these big five categories of stuff that’s happening in Ethereum protocol land, where there’s the merge, the surge, the verge, and then a bit lower is going to be the purge and the splurge, right?

“The Merge is proof of stake. The Surge is sharding, and The Verge is Verkle Trees, The Purge is things like state expiry and deleting old history, and The Splurge is basically just all of the other fun stuff.”

Image Credit

Featured Image by vjkombajn via Pixabay.com


Source: ethereum.today

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