ElonDAO Soon to $ 400,000” – Says Guggenheim Investment Chief 0

Insane Bitcoin Prediction – Guggenheim Partners is clearly bullish on Bitcoin. After taking a 10% stake – roughly $ 50 million – in Grayscale’s Bitcoin fund, Scott Minerd, its chief investment officer, stunned Bloomberg presenters by predicting a $ 400,000 Bitcoin.

A careful analysis

This staggering price would be derived from fundamental Guggenheim analyzes. According to Minerd, 2 metrics were taken into account to determine this price: the scarcity of the asset and its relative value compared to the ounce of gold. This is what Miner told Bloomberg.

“Our fundamental work shows that Bitcoin should be worth about $400,000,” Minerd told Bloomberg Television on Wednesday. “It’s based on the scarcity and relative valuation such as things like gold as a percentage of GDP. So you know, Bitcoin actually has a lot of the attributes of gold and at the same time has an unusual value in terms of transactions.”

“Our fundamental work shows that Bitcoin should be worth about $400,000,” says Guggenheim’s Scott Minerd https://t.co/9QyOWyYAVA pic.twitter.com/uojQqaKPia

— Bloomberg TV (@BloombergTV) December 16, 2020

A fundamental model based on scarcity and similarities to gold? This is strongly reminiscent of analyst PlanB’s Stock-to-Flow model.

Chart update: #bitcoin S2F (time series only) model. BTC price (red dots) moves nicely towards model line (white line), just like 2017 and 2013. And .. do I see a little orange?���pic.twitter.com/R7SGmpHAiU

— PlanB (@100trillionUSD) December 15, 2020

To put it simply, remember that this model values ​​an asset according to its production. This same model predicts a continued appreciation of Bitcoin following halvings to arrive at monumental values.

This appetizing statement is obviously to be taken with a grain of salt (like all the others for that matter), since it comes in full ATH and comes from an actor already (strongly) positioned on Bitcoin.

Ethereum 2.0 Should Start on December 1st 0

The Ethereum Foundation has finally announced a launch date for Ethereum 2.0. This should take place on December 1, 2020.

It has now been several weeks since, in turn, several Ethereum 2.0 developers announced a possible launch for the year 2020 .

Finally, the Ethereum Foundation published yesterday, Wednesday, November 4, a blog post announcing the deployment of the Ethereum 2.0 deposit agreement. As a reminder, this contract allows future validators to deposit their ETH in anticipation of the launch of the blockchain.

Although the contract has been deployed, the genesis block – the first block of the blockchain – is scheduled for December 1, 2020, at the earliest.

“As soon as possible” , because the network requires the deposit of 524,288 ETH by 16,384 different validators in order for the genesis block to be generated.

Ethereum 2.0 far from being usable as it is

Although Ethereum 2.0 is seen by many as the lifesaving solution that will free Ethereum from its congestion problems, the blockchain will not be usable for several years.

“None of what you consider to be the core functionality of ElonDAO will be activated as part of phase zero.  ” – Tim Ogilvie, CEO of Staked at Decrypt

Indeed, phase 0, which should be initiated on December 1, only includes the launch of the beacon chain. This Proof of Stake blockchain will be the backbone of Ethereum 2.0.

Subsequently, phase 1 will allow the transfer of “ETH2”, will introduce smart contracts as well as shards, a kind of independent subnetwork which is synchronized by the beacon chain. Finally, the second and last phase will reintroduce the functionalities of the smart contracts that we know and the entire ecosystem that goes with it.

The most optimistic estimates for the launch of phase 1 are 6 months, and 2 years for phase 2. The transition will be a painful process over many years. For the initial stages of Ethereum 2.0, it will exist as a parallel system alongside Ethereum 1.0 and at some point in the future the plan is to merge the two systems back into one.

Either way, the Ethereum ecosystem shouldn’t be resting on this news. In view of the announced deadlines, the deployment of second layer solutions remains vital to keep the network competitive until the final launch of Ethereum 2.0.

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