Mark Kuban has shared two reasons why he is “very bullish” on the Ethereum upgrade that is expected to take place this summer
According to a recent article by Fortune.
Billionaire and crypto fan Mark Cuban has announced that he feels “very bullish” on the upcoming crucial Ethereum upgrade referred to as “Merge,” according to a recent article by Fortune.
The “merger” is expected this summer (although it has yet to be confirmed), and it will make the second-largest blockchain greener, along with changes to its infrastructure.
Two reasons why Cuban believes “Merge” to be important
The billionaire and owner of the Dallas Mavericks team believes that the upcoming Ethereum upgrade is important for two reasons. The first is that ETH will switch to the proof-of-stake verification algorithm from proof-of-work. This will make Ethereum more eco-friendly and greener than Bitcoin, Litecoin and other coins running on PoW.
Ethereum miners will no longer consume huge amounts of energy and reduce Ethereum’s negative impact on the environment. Energy consumption is expected to drop by 99%. Proof of Stake verifies transactions based on the number of coins staked by validators.
Currently, Ethereum runs two chains: one uses PoW and the other runs on PoS. However, only the former one validates transactions at the moment. With the “merge” introduced, Ethereum will completely turn to the proof-of-stake model.
The second reason is that there is a high probability that the circulating supply of ETH will decrease since far fewer coins will be minted. Then, ETH will become rarer as the price rises.
Besides, Cuban expects the amount of institutional flows into Ethereum to see a major rise.
Here’s why Cuban got excited about Ethereum
The businessman, who is an Ethereum maximalist, told Fortune that he was very excited about the second-largest blockchain because it resembled the internet in its early days.
In 2021, Cuban publicly admitted that what got him to fall in love with Ethereum was smart contracts, which allowed developers to create DeFi and non-fungible tokens (NFTs). According to Cuban:
That’s what changed the game. That’s what got me excited. That’s why it looks a lot like the Internet.
Goldman Sachs plans to offer OTC options on Ethereum
Bloomberg has reported that banking giant Goldman Sachs intends to offer its customers the opportunity to trade over-the-counter options on the second largest cryptocurrency by market cap.
This decision was prompted by the growing customer interest that the bank has witnessed.
These ETH options will be settled in cash, according to the global chief of crypto trading at Goldman Sachs. At the moment, the bank’s customers view Ethereum as a “more investable asset class.”
