Bitcoin is Rallying!! Will Ethereum get a push by this move?October 10, 2020
Will Ethereum Soar as it happened before?
The much-awaited bitcoin rally occurred with the price crossing $11000 and recording $11,384 at the press time with a gain of 4.5 percent in 24 hours.
This surge is speculated mainly due to Jack Dorsey announcing Square purchasing Bitcoin and probably also due to the US announcing some stimulus package.
Post Bitcoin rally, intending to have an Ethereum rally, Adam Cochran came up with a set of points. As per him, Square acquired Bitcoin only because ETH is a threat for them. He further said that ETH 2.0 is a better platform for the payments than the Bitcoin lightning network.
“There is no need for payment processors like Square in an ETH 2.0 world,” he added.
Square's heavy push for $BTC is clearly because $ETH is a threat.$BTC needs platforms and tooling for consumers to use as a payment system.$ETH allows tooling to be built natively on ETH.
There is no need for payment processors like Square in an ETH2.0 world.
Is ETH 2.0 really a threat for the Square?
Also Read: Bitcoin Price Breaks Above $11000, Is it a Breakout or an Interim Shift?
Jack Dorsey is a Bitcoin maximalist, he also appreciated the Bitcoin Lightning network and also personally invested in it. Moreover, Square enabled merchants to accept cryptocurrency back in 2014 and also rolled out bitcoin buying and selling on its popular CASH APP in 2018.
Having a history of being a bitcoin supporter and proponent, it’s very hard to say whether Square acquired bitcoin and not ethereum as it feels ETH as a threat.
The CEO of Twitter, Jack Dorsey, recently also has said that ‘Bitcoin is probably the best native currency of the internet’ and also believes that Bitcoin has the potential to be the world’s sole currency by 2030.
Therefore, commenting on Square’s bitcoin holdings as part of a plan to set aseide ETH 2.0 would be too soon as of now.
Also Read: China Could Hold 60% of the Residual Bitcoin- Tough Competition for Digital Yuan
Adam has done it before!
The Ethereum expert and a professor, Adam Cochran, previously also had released his research findings which had pumped Ethereum price. The Ethereum had rallied over $200 to touch $224 on April 30, 2020, the very next day, Adam tweeted his ‘The 10K report’.
And now, after Bitcoin’s rally post-Square announced its acquisition, Adam yet again has jumped into action to criticise the move. However, whether the intention of the criticism is to give a push to the Ethereum price above $400 or no is very hard to say.
Well, in the coming days, Bitcoin is expected to undergo a major breakout as per some analyst who said it needs to get tested at $11,200, which occurred successfully. Hence the next target would be near $12,000.
On the contrary, ETH is still swinging around $375 which is anticipated to cross $400 anytime in coming days.
Will Ethereum also rally as Bitcoin did in the last couple of days? We need to sit back and watch.
Interesting Read: Top 10 Cryptocurrencies One Should Look Out to Invest in 2021
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