Ethereum Price Expected to Break, While Pompliano Calls ETH ‘Not Money’

News
Tue, 03/03/2020 - 11:58
Yuri Molchan
The second largest cryptocurrency is expected to break soon, meanwhile Anthony Pompliano says that it is a mistake to believe Ethereum is money, unlike Bitcoin
Cover image via www.facebook.com
Contents

The second most valuable cryptocurrency, Ethereum, has not made much progress recently, after slumping from the $274 level on February 24. Since then, ETH has been fluctuating between $216 and $230.

Now, however, the situation may change.

‘ETH likely to break soon’

Crypto trader and ElevateUX co-founder, ‘Posty’, says that he expects the ETH price to break out soon. The majority of other traders seem to have their focus on Bitcoin at the moment.

Image via Twitter

Another trader, with the humble Twitter name ‘George’, offers a similar conclusion.

Image via Twitter

Pomp states Ethereum is not money

On March 2, Bitcoin advocate and venture investor from Morgan Creek Digital, Anthony Pompliano, punched Ethereum in his daily ‘Off the Chain’ newsletter. In it, Pomp stated that ‘the idea that ETH is money is fundamentally flawed’.

However, prior to that, Pomp made it clear that he wants all blockchain teams to succeed and, overall, you should encourage any innovative experiment. Even still, perhaps, you do not always believe in the positive outcome, he adds.

Digital assets director at VanEck, Gabor Gurbacs, has cited Pomp on his Twitter page and summarized what Pompliano believes are the things preventing Ethereum from being a form of money.

He tweets:

“The Off the Chain newsletter this morning by @APompliano explains why "#ETH is money" a "fundamentally flawed" idea. Per Pomp, ETH is not good money since: (a) no fixed supply (b) supply is inflationary (c) small group decides monetary policy. #Bitcoin on the other hand...”

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The community’s take

Crypto YouTuber Brad Laurie criticized Pompliano for this attack against Ethereum, citing the blockchain educator and influencer Andreas Antonopoulos by posting a brief video. In it, the DLT educator explains why he likes Ethereum.

Meanwhile, the famous cryptocommunity member Udi Wertheimer has stood up to him to defend Pompliano, saying that Pomp has an open mind and he has come to these conclusions after going deep into the matter.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today, can be contacted at yuri.molchan@u.today.

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