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Mike Novogratz: Ethereum will attract even more funds thanks to The Merge

 


Billionaire Mike Novogratz has shared his thoughts on Ethereum's future as the time to move from proof-of-work to proof-of-stake approaches.


Speaking to CNBC's Squawk Box, Mike Novogratz said he sees Ethereum as his biggest crypto trade due to the existing hard fork The Merge.


“It's moved a lot but The Merge is a big deal, it's taking the supply of mining that used to be selling all the time and actually locks it into what we call hodlers and long term contracts so you're going to see the supply - the demand imbalance in Ethereum is really shifting.”


He added:


“Prices are always set at margin, so I think the excitement of this merger finally happening will continue to pull money into Ethereum.”


On Aug. 10, Ethereum took the top trending crypto spot while ETH futures trading volume recently hit a 3-month high ahead of The Merge.


Most notably, after the fork announcement, ETH has surged in value, with the price resisting the market collapse. Analysts and experts expect several developments in the network. A recent report stated that The Merge would act as a catalyst to turn Ethereum into a global institutional asset.


While the US CPI report came in 8.5% lower than expected, the US Dollar Index fell while stocks and cryptocurrencies rose.


In response, Ethereum jumped to $1,830, up 6.81% in one day and over 10% over the past week.

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