Crypto Weekly: something in the Ether
STORY: This is Crypto Weekly, with your top stories on virtual money….
Ether could finally be gaining ground on Bitcoin.
The second-biggest cryptocurrency is taking market share ahead of an all-important software upgrade, dubbed the “Merge”.
It now has just over a fifth of the market, up from 16%. That’s about half as much as bitcoin.
Fans hope the Merge will cut ether’s energy use and widen its application.
Bitcoin hasn’t had a bad week though, surging back above $22,000 amid renewed optimism on markets.
CAPTRUST’s Christian Ledoux says some investors see the token as a good long-term bet:
“There’s a high correlation between cryptocurrencies and growth stocks. Because, realistically, cryptocurrencies are a longer term potential winner – I’m not saying it will win, but certainly it’s going to take a long time for it to become meaningful in the economy.”
And El Salvador is now one year into its experiment with making bitcoin legal tender.
The signs aren’t good.
Data show few citizens or firms using crypto for payments.
Construction of a proposed Bitcoin City tax haven seems to have stalled.
And the currency itself has lost around half its value over the period.
So far though, there’s no sign that president and crypto fan Nayib Bukele is backing down.
