Digital currencies like Ethereum and Bitcoin are leading the way in the growing recognition of crypto assets as decentralized money. However, a market expert believes that ETH might be the true standard of decentralized money, providing unmatched programmability and flexibility in contrast to other cryptocurrencies.
Ethereum Is Much More Than Decentralized Money
Anthony Sassano, an investor and founder of the Daily Gwei, has claimed that Ethereum (ETH) is decentralized money, suggesting its capacity to transform the global financial system. The expert declares ETH decentralized currency because it is decentralized and powered by blockchain technology, allowing the execution of peer-to-peer transactions without the need for intermediaries.
According to Sassano, ETH is self-managed and the only way it can be taken from its holder is either by force or hacking. In contrast, the investor highlighted that the two most widely used stablecoins in circulation today such as Tether (USDT) and USDC, are fully centralized and feature built-in remote freeze capabilities despite making them self-custody.
Even though stablecoins serve a purpose within the dynamic Ethereum ecosystem, Sassano claims the stable assets are not and will never be a rival to ETH as the decentralized and credibly neutral money in the financial landscape.
Despite the notable volatility of Ethereum in comparison to USD-pegged stablecoins, the expert noted that when utilizing ETH as a store of value in the long term, its volatility can be seen as a futures wager on the altcoin’s potential to become the preferred form of payment for both human and machines.
Considering all of these, Sassano is confident that ETH is much more than just decentralized money. As a result, he has urged holders of ETH to keep scaling the digital asset leading to a global scale.
ETH Could Be Prepared For A 2019-Style Performance
Presently, ETH is showing signs of a potential uptrend after recovering from a drop to the $2,500 level. Examining the altcoin’s price performance in the past weeks, Benjamin Cowen, a crypto analyst and the Chief Executive Officer (CEO) of Into The Cryptoverse, has predicted a possible move akin to that seen in 2019 using the 1-week timeframe.
According to the analyst, if ETH follows the 2019 pattern, it might surge to its Bull Market Support Band (BMSB) and then be rejected from the band when further information about the labor situation becomes available. The trend will possibly rekindle concerns that the Federal Reserve (Fed) may have waited too long.
However, in the event that the altcoin is not enough to gather enough momentum to rise to its bull market support band, Cowen expects ETH to first check in with the trend line indicated in his chart. This sparks the potential of ETH pegging its BMSB before falling below the trend line similar to the 2019 pattern.
Featured image from Unsplash, chart from Tradingview.com
