Bloomberg Analyst Calls Ethereum the ‘Collateral of The Internet’

In response to the growing demand of Ethereum (ETH) within non-fungible tokens (NFTs) and the metaverse, Bloomberg’s senior commodities analyst Mike McGlone believes the digital asset’s price will continue to go up as it’s “becoming the internet’s collateral.” “Demand is increasing, supply is declining and Ethereum’s position at the epicenter of the digitization of finance and money suggests further price appreciation. Ethereum the denominator for NFTs and top platform for tokenization is becoming the collateral of the internet,” McGlone wrote in a tweet. Demand is increasing, supply is declining and #Ethereum's position at the epicenter of the digitization of finance and money suggests further price appreciation. Ethereum — the denominator for NFTs and top platform for tokenization — is becoming the collateral of the internet pic.twitter.com/hS7aLeqZ7N — Mike McGlone (@mikemcglone11) March 30, 2022 Presently, Ethereum is trading at $3,283, down 3.8% on the day and up by 5.7% from the last seven days, according to data from CoinGecko. Since the previous month, the digital asset has been up just over $200 since March 1 at the time of writing. Much-Anticipated Ethereum 2.0 Launch In November 2020, a deposit contract was created where Ethereum holders were required to stake at least 524,000 ETH before the launch of Ethereum 2.0 (Phase 0). Since then, holders have successfully staked over 11 million ETH in the contract, with 100,0...