Ethereum merger will boost crypto asset prices, according to deVere Group CEO Nigel Green – here’s why
The CEO of financial advisory giant deVere Group says Ethereum’s (ETH) recent move to a proof-of-stake consensus mechanism should drive up crypto asset prices.
According to a new blog post, deVere Group CEO Nigel Green says ETH’s merger is a “landmark, historic moment” that will serve as a long-term catalyst for the digital asset industry.
“The new merger, a large-scale network-wide upgrade, is here. This is [a] A far-reaching overhaul of the most commercially important blockchain in the digital asset ecosystem is probably the most important landmark event in crypto history since the launch of Bitcoin.
It transforms Ethereum from a proof-of-work to a proof-of-stake mechanism, which lowers transaction costs, enables the network to process more transactions in less time, and will reduce energy consumption by as much as 99%.
According to Green, the merger’s reduction in energy consumption will entice institutional investors to put their capital into the nascent industry.
“While some of the news has already been priced in, make no mistake: this event will be a major catalyst driving prices higher over the long term.
The reduction in energy consumption will be the main reason as it will become significantly more attractive to institutional investors, who bring with them enormous capital, expertise and reputation.
The institutional investors who have been sitting on the sidelines are now likely to move in.”
Green also notes that ETH’s transition will reduce supply, cut costs and speed up transactions, which will also lead to increased prices.
“Besides having a more positive climate impact, The Merge effect of reducing supply, cutting costs and speeding up transactions will also appeal to both individuals and institutions. Due to the significance of The Merge, we expect the development to strengthen prices across the broader crypto market to some extent.”
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