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Bloomberg’s Senior Analyst Says Ethereum Is the “Collateral of the Internet,” Expects Price Surge Amid Growing Demand 

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Ethereum is now the collateral of the internet following its widespread adoption in NFT and metaverse sectors.

Mike McGlone, a senior commodities analyst at Bloomberg, called Ethereum (ETH) the collateral of the internet following the cryptocurrency’s widespread adoption across various blockchain protocols like non-fungible tokens (NFTs) and the metaverse. 

The Bloomberg strategist, who has made positive predictions for the cryptocurrency market in recent times, noted that Ethereum prices will continue to surge given the widespread adoption of the coin across these blockchain protocols. 

His most recent prediction for Ethereum comes as demand for the second-largest cryptocurrency skyrockets while its total supply has decreased, following multiple initiatives being carried out on the network, including the ETH 2.0 staking. 

“Demand is increasing, supply is declining and Ethereum‘s position at the epicenter of the digitization of finance and money suggests further price appreciation. Ethereum — the denominator for NFTs and top platform for tokenization — is becoming the collateral of the internet,” McGlone tweeted recently. 

Ethereum is currently one of the most adopted cryptocurrencies in the world, with its use case expanding beyond expectations on a daily basis. 

ETH is mostly used as a payment token that grants investors access to the world of non-fungible tokens and metaverse. 

Several NFT and metaverse projects have accepted the coin as the payment method for their digital collectibles, including Bored Ape Yacht Club (BAYC) non-fungible token. 

Shiba Inu is also planning to use Ethereum as a payment token for its 100,595 plots of land that will be offered in SHIB: The Metaverse. 

Similarly, the number of Ethereum in circulation has reduced significantly, as the community anticipates the launch of ETH 2.0. 

Recall that a deposit contract was created in November 2020, with Ethereum holders required to stake at least 524,000 ETH before Ethereum 2.0 (Phase 0) will launch. 

Since the initiative started, Ethereum holders have successfully staked over 11 million ETH in the contract, with 100,000 units of the coin added in just one week.  

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The content is for informational purposes only and may include the author’s personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

Albert Brown
Albert Brown is a cryptocurrency investor and journalist who has been in the nascent space since 2017. His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. As a journalist, Brown has written on several crypto-related topics that have been referenced by popular industry players like Tyler Winklevoss, Binance CZ, etc.


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