The head of portfolio management at Valkyrie Investments described the Ethereum update as a historic event. On the expert’s agenda was the Ethereum merge and the broader altcoin market.
Leading altcoin sparks a historic event
Bill Cannon of Valkyrie Investments talked about Ethereum and the crypto market in a recent Kitco interview. Regarding the developments related to the merge, Cannon said:
We haven’t really shrunk dramatically, but we’re just looking at it, trying to see what’s going on and what’s going on with the developers. Obviously, the transition has great benefits, but overall, we’re just being careful. We’re looking at what we can do and looking for opportunities across all platforms, all protocols.
According to Cannon, the merge will be one of the biggest events in the crypto industry in a few years. Because “Ethereum is part of crypto’s overall growth strategy.”
Altcoin projects and technology stocks
As for whether the largest smart contract platform will underpin the new internet, Cannon compared its evolution to the internet boom of the late 1990s and early 2000s. His statements during the interview were as follows:
People forget that there was a small company called Apple on the NASDAQ 100 at the end of 2000. There were no IPODs or revolutionary Mac pros back then, they were just ideas.
Cannon says we’re in a similar position right now. At the same time, he suggests that we are just beginning the development of Blockchain technology:
There is so much growth and opportunity that people are enthusiastic about innovation in the industry and I think it’s just a matter of time.
According to Cannon, the pace of development that “couldn’t even keep up with the news and innovations happening daily, if not hourly,” can make it difficult to stay abreast of what’s going on. The expert also adds:
We think Ethereum will perhaps be a leader, but we’ll see what happens. People like to innovate from other things.
Benefit of regulations
On the regulatory front, Valkyrie welcomes a more transparent set of guidelines as it will help institutions better understand how to legally serve the Blockchain community. According to Cannon:
We are for regulation because it imposes a set of rules, a set of guidelines that anyone can play under. Now the game is set and people can start creating now that they know the rules.
Cannon objected, arguing that for those who thought that more rules and guidelines would hinder growth in the industry, it would actually have the opposite effect. His statements on this subject were as follows:
It makes it better, it makes it safer for people. This is probably one of the main issues that some regular investors are hesitant to do because of the lack of regulation.
As for how crypto and blockchain can truly benefit society, Cannon pointed to places experiencing hyperinflation as of late, such as Argentina. Some of his broad statements on the subject were as follows:
They use crypto as a solution. They get their salaries, they get into specific projects in crypto. All from their phones, that’s the magic part. This is an innovation that hasn’t happened before. A place where people can find solutions. to improve their lives through a phone and apps.
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