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Portfolio Allocations in Ethereum Become Prudent as ETH Rises to Surpass Bitcoin's Market Cap: Bloomberg's Mike McGlone

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Thu, 05/27/2021 - 12:13
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Yuri Molchan
Bloomberg expert Mike McGlone explains what effect Ethereum is going to have on the fintech industry
Portfolio Allocations in Ethereum Become Prudent as ETH Rises to Surpass Bitcoin's Market Cap: Bloomberg's Mike McGlone
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Chief commodity expert of Bloomberg, Mike McGlone, has taken to Twitter to share his take on the second-largest cryptocurrency, Ethereum, regarding its future impact on fintech and a potential victory over Bitcoin.

"Ethereum is to fintech is what Bitcoin is to gold"

He has tweeted that Ethereum is surpassing traditional fintech in a similar way as Bitcoin surpasses gold as a store of value. Besides, investors' allocation of funds from their portfolio to Ethereum are becoming justified since, McGlone added, Ethereum's potential is growing so as to leave behind Bitcoin's market cap value.

The second-biggest blockchain platform and its native crypto are leading the way in the world's switch to digital technologies, which is happening rapidly, McGlone believes.

As per a chart shared by the chief commodity strategist of Bloomberg, Ethereum blockchain's market share is growing. McGlone now calls Ethereum a BI commodity.

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$13.7 Billion in ETH Locked in Ethereum 2.0 Deposit Contact As London Hard Fork Draws Closer

Ethereum's market cap holds 31st place

At the moment, ETH's market cap totals $324,291,603,062. That is slightly less than 50 percent of Bitcoin's market capitalization.

Ethereum's market cap is now higher than that of PayPal, Coca Cola, Nike, Netflix, Walt Disney, Platinum and more.

In the meantime, preparations for the launch of Ethereum 2.0 and a switch to the proof of stake (PoS) algorithm continue. As reported earlier today, the total amount of ETH locked in the Ethereum 2.0 deposit contract by validators has reached a new all-time high of over five million Ether (13.7 billion USD).

Proof of stake (PoS) allows validators to vote for decisions to be implemented on the platform and receive staking profits depending on the amount of ETH they have staked in the deposit contract. Every validator has to stake at least 32 ETH ($87,907).

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About the author

Yuri is a crypto 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 in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.