Coin Bureau is keeping a close eye on the price of Ethereum (ETH) as the Merge update is set to be completed in a few days.
In a new video, pseudonymous analyst Guy tells his 2.1 million YouTube subscribers that interest in Ethereum 2.0 is placating concerns over the forked versions of the blockchain.
As the Merge update switches Ethereum from proof-of-work (PoW) to proof-of-stake (PoS), some miners consider keeping PoW versions of the network to avoid big financial losses.
“The threat posed by proof-of-work forks appears to have been neutered by the overwhelming institutional support for the proof-of-stake chain.”
He says the institutional support is a double-edged sword though because the sanction on crypto mixer Tornado Cash is also an emerging problem.
“It’s still not entirely clear as to how the community is going to deal with the risk of protocol level censorship, but one thing is for certain: no validator is going to risk 30 years in prison no matter how strong the need for a permissionless ledger.
Could the Ethereum developers implement social slashing or is the censoring of Tornado Cash transactions a choice that should be left up to the validators? Is it something that we’ll have to lay upon the altar as a sacrifice for that holy institutional adoption?”
The analyst says that the price of ETH may possibly go up as the Merge draws closer. According to the Ethereum Foundation, the long-awaited transition of the leading smart contract platform will happen sometime between September 10th and 20th.
“Another thing that I’ll be keeping an eye on is the ETH price. That triple halving is no joke and if the price is positively reflexive to the burn, then we could see some serious upside potential as we roll closer to the Merge date.
Higher prices drive more users, which drives more devs, which drives more DApps [decentralized applications], which drives more burn, which drives a higher price. It’s a heavenly cycle that maybe even George Soros himself is keeping an eye on.”
At time of writing, the largest altcoin by market cap is changing hands for $1,538.
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Source: https://dailyhodl.com/2022/09/01/ethereum-eth-could-see-some-serious-upside-potential-as-merge-approaches-says-coin-bureau/