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Ethereum

Novogratz: These 5 Ethereum DeFi tokens could replace JPMorgan and the NYSE

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  • Mike Novogratz has revealed 5 Ethereum DeFi tokens that could replace JPMorgan and the New York Stock Exchange (NYSE).
  • According to Galaxy Digital, investors should invest 25% of their total net worth in Bitcoin.

Mike Novogratz, CEO of crypto investment firm Galaxy Digital, spoke in a recent live-stream interview with Grammy-nominated rapper Lil Yachty about the best investments younger people can make in current circumstances. As Novogratz explained, the “baby boomers have screwed up the world a bit” by starting the endless money printing.

This will not be able to go on forever, according to Novogratz, so governments around the world will eventually “run out of money.” Younger people, like Lil Yachty, should therefore consider “hard assets,” such as Bitcoin and gold, to protect their capital. In addition, the well-known Bitcoin bull recommended diversifying one’s portfolio, not only within the crypto market, but across the entire financial market.

Specifically, when asked what a young person with $1,000 or $10,000 should invest in, Novogratz said:

I would put 20-25% just in Bitcoin, buy Bitcoin and forget about it. I would put 5 or 10% in […] Ethereum, and then I put the rest in the stock market. And I know the stock market has gone up a lot, but I think it’s gonna continue to go up a lot. […]

So Bitcoin, it’s probably on a risk-adjusted basis the safer, but it’s moved a lot. Ethereum has moved a lot this year but I think Ether has a long way to go so that’s a good investment.

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When it comes to finding undervalued cryptocurrencies with greater risk but also potentially multiple profit potential, Novogratz pointed to Ethereum’s DeFi sector. Projects within this space have the potential to revolutionize the financial industry, replacing JPMorgan and the New York Stock Exchange if successful. Accordingly, Novogratz has personally put a small portion of his fortune into 5 DeFi tokens:

And then there is this whole group called DeFi, or decentralized finance. So tokens like Aave (AAVE), or Chainlink (LINK), or Compound (COMP), yearn.finance (YFI), Uniswap (UNI) – those five – there’s a chance that those five blow up the world, not in the next week or the next month but in the next five years.

Those are the tokens that want to take the banks and tear the banks limb from limb, that want to replace JP Morgan and the New York Stock Exchange and so I put some money into those things. It’s much riskier, but if it works, it’s going to be a much bigger payoff.

As for the hype around Dogecoin (DOGE), Novogratz said it can be a good “short-term play.” However, he is betting that DOGE will be worth nothing in the future.

It’s kind of a joke, and it was a meme coin. And listen, memes work. You saw the meme about Bernie Sanders going everywhere, and DOGE was a meme coin that took off and people bought it as a joke, and now people trade it.

If you’re going to do it, you do it with a small amount of your money and you buy it and you sell it, and you buy it before it goes up and you sell it when it goes up because there’s no long-term value in Dogecoin. In the long run it’s going to be a zero but it can be exciting to play.

https://youtu.be/GmuoY0GvFe0

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Ethereum

Will Smith’s Son, Rapper and Actor Jaden Smith, Posts Mysterious “ETH” Tweet

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Jaden Smith joins the crypto-celebrity list with two tweets in a row

The “Icon” author, rapper, Hollywood actor and mega-star, Will Smith’s son Jaden Smith, has posted a mysterious “ETH” tweet that followed a “Web3” publication shortly after.

The purpose behind the two tweets has not been disclosed, but it is most likely tied to the rising popularity of the two industries. Previously, Ethereum’s price has reached the new ATH, which might have caught the famous rapper’s attention.

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Both crypto-related tweets have been warmly welcomed by the audience, collecting approximately 8,000 likes and more than 1,000 retweets on Twitter. In the comment section of the Web3 tweet, Jaden said that he actually owns an NFT just like his industry partner Snoop Dog.

With the rapid price increase of the Bitcoin, DeFi and NFT industries, more celebrities are exploring cryptocurrencies and blockchain technologies. In addition to giving significant investment returns, digital assets technologies may potentially change the banking, finance and art industries in the future.

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Ripple

Ripple CEO Says the SEC Helped Ethereum to Surpass XRP as No.2 Crypto

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  • Ripple CEO aired his opinion on the crypto market and regulations.
  • Brad Garlinghouse said the US SEC granted Ethereum regulatory green light.

At the DC Fintech Week virtual conference on October 21, Ripple CEO Brad Garlinghounse aired his thoughts on the state of the crypto market and regulations. Besides, he holds a grudge over the financial regulator’s approach to Ethereum.

In addition, Garlinghouse declared that the US Security and Exchange Commission (SEC) granted Ethereum regulatory green light that enabled it to surpass his firm’s XRP token.

Likewise, the Ripple boss feels that his firm has been played out. But, at the same time, Ethereum’s subsequent success is at least in part down to more favorable treatment by the US SEC. Also, Garlinghouse stated that it is affecting its market. He said,

“Within the last few years, XRP was the second most valuable digital asset. As it became clear the SEC had given a hall pass to ETH, ETH obviously has exploded, and that clarity has helped.”

To clarify, XRP was the second-largest crypto asset by market cap in late December 2017. But, currently, it has dropped to seventh place while Ethereum has kept the second spot ever since.

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Furthermore, the reason why XRP dropped is the US SEC pursuing Ripple over claims that XRP is unregistered security. In fact, in January, Ripple filed a Freedom of Information Act request with the US SEC demanding to know why it didn’t consider ETH security.

As a result, later in July, a district judge allowed the firm to depose a former official who declared in 2018 that ETH was not a security.

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Ripple

Ripple CEO reinstates SEC bias towards ETH, claiming XRP could’ve been No.2

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It is not news that the ongoing XRP lawsuit has got the better of Ripple’s XRP token. Ripple CEO, Brad Garlinghouse recently questioned the SEC’s bias towards Ethereum, claiming that XRP would’ve been at the No. 2 position instead of ETH if it weren’t for the commission’s partial crackdown. Garlinghouse spoke at the DC Fintech Week virtual conference yesterday, arguing that the U.S. Securities and Exchange Commission alleged Ripple’s XRP as unregistered security while granting Ethereum a regulatory free pass, which in turn helped ETH shoot through the roof.

“Within the last few years, XRP was the second most valuable digital asset. As it became clear the SEC had given a hall pass to ETH, ETH obviously has kind of exploded and that clarity has helped.”

XRP secured the position of the second-largest crypto asset by market capitalization during the latter half of 2017. However, the token has dropped down to seventh place while Ethereum stands strong as No. 2. Furthermore, Garlinghouse claims that the SEC’s exclusively aggressive anti-crypto stance to allegedly protect the consumers is in fact anti-investors. Referring to the XRP lawsuit, Ripple CEO emphasizes that “nearly 50,000 U.S. people who hold XRP who are trying to sue the SEC for ‘protecting them’”.

XRP Holders left with bearish and frozen funds

Earlier this week, Attorney Deaton Filed a Letter Motion on behalf of the XRP Holders (Movants) that contended SEC’s extension request, with the main argument concerning the XRP holders’ frozen funds because of the consistent postponement of the lawsuit’s final verdict. During the ongoing bull run, XRP remains considerably bear because of the regulatory crackdown on Ripple. However, the court has overlooked the community’s concern and granted the extension explaining that in lieu of pending motions, extra time will only facilitate both parties to complete pending fact discovery and thoroughly prepare for upcoming expert depositions.

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“The lack of liquidity within the United States, coupled with the mass de-listings prevents XRP Holders from trading, selling, transferring, or converting their XRP. It is because of this de facto in place seizure of their property that XRP Holders took the extraordinary step to seek intervention as defendants… Any delay in the underlying action marks yet another day XRP Holders do not have access to their funds.”, wrote Deaton.

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