For context, ETH rallying to its $1,450 high from the current price of $262 would require a 450% move higher. This is not infeasible by crypto standards, but the trader thinks money will flow to “newer and shiner scams.”
The investor has long been a critic of Ethereum’s narratives, especially DeFi and ETH 2.0. He previously said that he thinks DeFi is a marketing scheme for the asset that provides little fundamental value. It was added that DeFi is also a “Rube Goldberg machine.” In terms of ETH 2.0 and staking, Joe007 has commented that it is a “scam” by the developers. It is important to note that Joe007 is largely anti-altcoin. The sentiment that Ethereum won’t reach new highs has been echoed by Avi Felman of BlockTower Capital: “The ETH all time high price is likely a red herring, and was driven by a very specific dynamic (buy ETH to place in ICOs, no sell pressure because ICO treasuries didn’t think about that). “ Bulls Beg to Differ This latest comment from the investor, as aforementioned, comes as more and more investors have begun to expect new Ethereum highs. Joseph Todaro, a managing partner of Blocktown Capital, said in June: “In 2017 ICOs aided in moving ETH beyond $100 billion marketcap. In this next cycle, Defi will likely help push ETH to $1 trillion marketcap.” Placeholder Capital’s Chris Burniske has also commented that Ethereum could reach $7,500 in the upcoming bull cycle. He said that ETH will surge due to its on-chain economies and it being seen as the “new kid on the block” by retail. Featured Image from Shutterstock Price tags: ethusd, ethbtc Charts from TradingView.com Bitfinex Whale Doubts Ethereum Will Ever Revisit Its All-Time High of $1,400
TheBitcoinNews.com is here for you 24/7 to keep you informed on everything crypto. Like what we do? Tip us some BATSend Tip now!
Article comments