“ Huge bullish news for Ethereum” following major investors and social media adoption

  • Ethereum is painting a “mega bullish” outlook following massive adoption by leading social sites and institutional investors.
  • Institutions have expressed positive ETH sentiment amidst TikTok integrating NFTs and Twitter bringing NFT profile picture verification badges.

The latest events surrounding social media platforms, and institutional investors paint quite the bullish picture for Ethereum (ETH). As crypto YouTuber, Lark Davis, told his 438,000 subscribers today, TikTok has announced integrating NFTs into its platform. This will happen via Ethereum and Immutable X. The latter is a layer-2 scaling solution with major celebrity partners including Lil Nas X and Gary Vee.

TikTok’s 1 billion community will now have access to and exposure to NFTs and the underlying Ethereum blockchain. Earlier on, TikTok also integrated, Audius, a music streaming platform that runs on Ethereum and Solana.

Additionally, experts from Deutsche Bank call Ethereum the ‘digital silver,’ a position initially held by Litecoin, Davis points out. The German multinational investment bank says cryptocurrencies are “too significant to ignore.” Deutsche Bank also predicts digital currencies surpassing traditional fiat money by 2030.

Supporting the banks’ sentiments, Davis called Ethereum ‘digital oil,’ seeing as it supports multiple aspects of the decentralized economy. The crypto enthusiast also mentioned JPMorgan’s last week’s statement on investors favoring Ethereum futures more than Bitcoin futures. The giant bank called this pivot in interest a “setback for Bitcoin.”

Read More: Premium on Ethereum futures rises as investors switch preference from Bitcoin, JPMorgan

Why is there “huge bullish news” on Ethereum?

Institutional investors anticipate rewards associated with Ethereum such as staking rewards, upgrades effects, and the triple halving effect, Davis states. As a result, they are flocking the network, becoming a major catalyst for its growth and subsequently increased dominance.

On top of that, he quoted a recent tweet from Twitter user Grant Hummer:

ETH is massively undervalued.

If ETH were just a basic bitch SaaS [software as a service]company with current profits extrapolated, it should have a $700B market cap. Now throw in the monetary premium use case and the potential to be the settlement layer for the global financial system. Easily $1T+.

According to our data, Ethereum currently has a market cap of $367 billion, about half what Hummer values it at.

Furthermore, Societe Generale, a French financial services company, has proposed using bonds on Ethereum’s decentralized organization, MakerDAO. Essentially, the company would like to use its bonds as collateral to get MakerDAO’s DAI stablecoins, Davis explained.

As for social media companies, Twitter just this week previewed its verification badge for NFT profile pictures. A tiny Ethereum logo will appear on users’ NFT profile picture once the NFT is verified. The move shows Ethereum adoption on Twitter even though the platform’s CEO Jack Dorsey is a long-time Bitcoin maximalist, Davis remarked. The move is also an addition to Twitter’s Bitcoin tipping feature, Strike.

Moreover, other blockchains, such as Dogecoin are looking to tap into Ethereum’s ecosystem benefits. As of this writing, ETH was trading at $3,111, up 4.1 percent in the day according to our data. Like the rest of the crypto space, the asset has been recuperating from last Friday’s dip brought on by Chinese toughened crypto regulation.

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