https://www.cryptoglobe.com/latest/2021/01/as-eth-surges-toward-new-highs-former-goldman-sachs-exec-increases-his-holdings/As $ETH Surges Toward New Highs, Former Goldman Sachs Exec Increases His HoldingsFormer Goldman Sachs executive Raoul Pal, who is seen as an important influencer in the crypto community, revealed on Monday (January 18) that he had increased his ETH holdings.
''For longer-term HODLers of BTC and ETH this is probably a good time to start accumulating more. Personally, I've added more ETH and now time to add more speculative crypto.''Joey Krug, Co-Chief Investment Officer at blockchain-focused investment firm Pantera Capital Management LP, explained in his firm’s most recent monthly newsletter why Ethereum (ETH) is undervalued.
In the January 2021 issue of Pantera Blockchain Letter, which was published on January 14, Krug started by giving an introduction to Ethereum and its ecosystem:
“
Ethereum is the leading asset in the cryptocurrency space for developers who want to write smart contracts and decentralized finance (DeFi) applications. It’s the base money collateral for this new financial system. …
Finally, Keug listed several positive catalysts that make Pantera Capital
“very bullish on Ethereum” and feel confident that the Ether (ETH) price is heading higher this year:
- “Ethereum is currently down 37% from its all-time high and we believe undervalued on a relative basis to Bitcoin…
we’re overweight Ethereum. Bitcoin dominance has been hitting above 70% recently, which tends to be at the higher end of its range in recent years, and as the bull market continues, we think people will take some of their Bitcoin gains and roll them into Ethereum.
- “…
once CME ETH futures launch, it legitimizes Ethereum as something institutional investors can own, and it’s actually a fairly easy bucket for them to allocate to (it fits in their tech disruption buckets).
- “… as more and more holders stake their ETH in Ethereum 2.0, that locks up Ethereum, which means less sell pressure on the price.”