$COIN.NE - Coming out of a downtrend Ethereum recently climbed above USD $2,000 once again after Elon Musk said in an interview at The B Word conference that SpaceX held Bitcoin in its portfolio. Tesla would most likely be accepting BTC payments for its electric cars soon. Still, he mentioned that he has Ethereum in his personal portfolio. IMO, Ethereum has so many more uses compared to Bitcoin. With a constantly innovating team behind the crypto, there's just so much more potential for it to overtake Bitcoin as the leading token.
https://www.google.ca/amp/s/www.cnbc.com/amp/2021/07/21/elon-musk-jack-dorsey-speak-about-cryptocurrency-at-b-word-conference.html
Ethereum also happens to be one of $COIN.NE’s top holdings. They recently announced that they'd purchased an additional 300 ETH worth around USD $602,000. The extra Ethereum will be used for staking to generate additional revenues. More and more cryptos are making the transition to a Proof-of-Stake system due to its superiority and its quickly overtaking Proof-of-Work for several good reasons:
- 99% less energy use
- No overhead facility/mining equipment expenses
- Far more efficient and can process many more transactions
- Only a holding in a Proof-of-Stake crypto is needed
With a primary goal of providing as much shareholder value through crypto staking, Musk’s announcement was a good sign for the $COIN.NE. The company has had a fantastic day today, up around 4.5% already. It’s quickly coming out of a downtrend where it bottomed out at $0.34. Still, this is significantly undervalued at $0.49, and I expect to see the stock moving back towards the $0.60 levels very soon!