Ethereum, this weekend has been plenty in news as the prices once again have crossed the $2100 barrier this morning. The recent news on Ether are sending mixed signals among its fans and crypto investors in general. On one hand, Twitter CEO Jack Dorsey has rejected Ethereum and refused to invest in it. On the other hand, JP Morgan has said that it is targeting Ethereum staking in future.
Jack Dorsey is not interested in Ethereum
Twitter CEO Jack Dorsey has continued to be anti Ethereum. In a reply to a recent question asked on Twitter, he rejected Ethereum when given a chance to invest in it. Dorsey still remains being a Bitcoin maximalist as his Twitter bio suggests but he has also identified and promoted a meme based coin named as Hamstercoin as the biggest threat to Ethereum.
Jack’s comments have come at a time when his own company Twitter has released 140 Non Fungible Tokens on Ethereum Network recently.
HamsterCoin 🐹 > https://t.co/EsysB6xM7x
— jack (@jack) June 30, 2021
— jack (@jack) June 30, 2021
As expected, a tweet coming from Jack Dorsey ignited the HamsterCoin fuel and the coin which was being traded at $0.000000000269 before the tweet saw a massive jump of 147% in just four hours and the prices kept on increasing. Hamster even reached quite close to its All time high as it saw a growth of 293% in the next 24 hours.
At the time of publishing this article, the value of Hamster was recorded at $0.000000000915 which is quite close to its weekly all time high. The fact that Jack Dorsey prefers a meme based coin over Ethereum, which is the second largest cryptocurrency in terms of Total Market Cap is quite a surprise.
JP Morgan targets Ethereum staking
JP Morgan, which is an investment banking giant based in New York City has also given a surprise (but a pleasant one) to Ethereum fans as the bank has stated that it is eying Ethereum staking in future.
The reason we are saying it a surprise is that JP Morgan has had a very firm anti crypto stance before where its CEO Jamie Dimon had called Crypto a fraud back in 2017. That stance on crypto has seemed to soften up now.
In fact, JP Morgan, in its report, has stated Crypto ecosystem as a more attractive asset class as it believes it has a great potential to be profitable for both retail and institutional investors in the future.
The ongoing and upcoming Ethereum upgrades are fully based on proof-of-stake which is highly energy efficient compared to the proof-of-work system, at which crypto assets like Bitcoin operates. JP Morgan feels that once the Ethereum transition from PoW to PoS is completed, Ethereum staking will become more attractive.
It estimates that the cryptocurrency staking industry will go from $9 Billion at the moment to $20 Billion once Ethereum staking begins and $ 40 Billion when Ethereum is done with its transition to PoS system.