Crypto asset manager Bitwise says that Ethereum (ETH) is an “unstoppable force” that is vastly improving the efficiency of the traditional financial system.
According to Bitwise, which was handling over $2 billion in assets under management from its BITB Bitcoin (BTC) exchange-traded fund (ETF) alone as of March, Ethereum is superior to TradFi when it comes to wire transfers, international withdraws, and transactions.
[adinserter block="1"]“Ethereum Lowers Transaction Costs by Orders of Magnitude. Ethereum is a 10x cost improvement (or more) over legacy financial rails. Historically, technology that’s 10x better at something is an unstoppable force.”
Bitwise also compares Ethereum’s revenues to large public companies, noting that the top smart contract platform is already pulling in bigger numbers than Robinhood, Etsy or Moderna.
“Crypto Applications Built on Ethereum Produce Comparable Revenues to a Selection of Public Companies. These applications are a testament to the resilience, creativity, and vision of the global crypto industry, and they serve as a reminder that crypto is fast becoming a pivotal part of everyday life.”
In a new memo, Bitwise CEO Matt Hougan says crypto has successfully built “political muscle” in recent years, including one of the top political action committees in D.C.
Hougan says that if everyone truly understood the significance of the recent shift in Washington, crypto markets would already be at all-time highs.
“The reason this smells like alpha to me is that, outside of the crypto bubble, no one cares.
I’ve been on the road speaking at conferences for the past few weeks and, try though I might, I cannot get this story to resonate with people. I talk about the votes, and Warren’s anti-crypto army, and the surprise progress on Ethereum ETFs, and people’s eyes glaze over.
The story is too complex, and the impact too far removed. After all, no policies have actually changed in Washington yet. SAB 121’s repeal was vetoed; FIT21 is unlikely to make it through the Senate before the elections; and the Ethereum ETFs haven’t actually launched.
The tide has changed, but the water hasn’t come in yet. Wake me up when the action happens.
But here’s the thing: If people understood the ramifications of the shift in D.C., the crypto market would be at new all-time highs.”
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