Ethereum’s New Mega-Booster – Morgan Stanley News
The world loves an underdog, and the cryptocurrency market is no different. Recently, the crypto-market’s 2nd most capitalised digital asset, Ether, acquired the backing of the wealth and asset management division of Morgan Stanley, a leading global investment bank with over 60,000 employees worldwide.
The investment banking powerhouse recently raised eyebrows with the distribution of a 20-page report filled with information demonstrating the financial firm’s confidence in the Ethereum blockchain. Authored by investment strategist, Denny Galindo, the report details how the Ethereum blockchain technology can be more effective in terms of its practical application to solving real-world problems than its rival and cryptocurrency’s reigning champion: Bitcoin.
Investors Should Consider Ethereum
Whaaat? No, we’re for real. In the report, Galindo presses the fact that Ethereum has a multitude of features that places the technology head-and-shoulders above the rest of its crypto-competitors, including Bitcoin. The key takeaway from Galindo’s report was that investors should be considering the digital cryptocurrency, Ether, as a stand-on-its-own investment from the more wildly popular and more heavily capitalised Bitcoin cryptocurrency.
The report goes into an analysis of how the Ethereum blockchain technology and Bitcoin are akin to one another in two significant ways: both offer a decentralised form of currency and have a component of digital scarcity. What the report also implies, is that the Ethereum blockchain technologies seem to be evolving in a way that leads experts to believe that they can be used for much more than a simple payment mechanism. Galindo goes on to say that the pace at which the Ethereum blockchain is innovating clearly demonstrates an attachment to a “larger collection of activities.”
Will Ethereum Reach New Highs in 2022?
The cryptocurrency investment community is viewing the report as prophetic; a huge tailwind that the entire cryptocurrency market can ride to new highs in 2022. Despite the market’s rocky start this year, there is still a feeling of momentum that is suggesting that 2022 could be a very big year for Ethereum. There are many, many innovations happening in the world of blockchain technologies, and a lot of them are happening on the Ethereum blockchain. Among them, the blockchain serves as an app store that is owned by no one and facilitates the operation of decentralised finance applications (DeFi) and the exchange of increasingly popular non-fungible tokens (NFTs).
While Galindo promotes his belief that the Ethereum blockchain offers a much wider array of applications than Bitcoin, he does “pump the brakes” in his report by saying it shouldn’t be considered an open endorsement to “buy” Ether, the digital coin that trades on the Ethereum network. Rather, the report is ultimately intended to be an educational supplement, or a primer, to help investors bone up on the Ethereum blockchain, especially considering that it is far less understood than its bigger brother, Bitcoin.
Ethereum is ranked 28th in terms of being the world’s most valuable asset (ranked by market cap.) currently valued at $368 billion. If a bit of perspective would help, Walmart is valued at $370 billion.
Author: Greyson Kelly
Greyson Kelly is a business writer living in Milwaukee, Wisconsin. He writes extensively on technological trends, cryptocurrency, and ‘cutting edge’ industry topics. He has an MBA in Business and has over a decade of experience in communications and public relations.