digital asset
February 18, 2024
1 min read

Bullish on Bitcoin and these crypto assets…

In this Ausbiz interview, Pratik Kala, Investment Analyst reveals his bullish stance on Bitcoin. The introduction of Exchange Traded Funds (ETFs) attracted significant capital into this digital asset, resulting in the highest volume trading day for Bitcoin since the ETFs introduction. Pratik also speculates on the introduction of an Ethereum ETF, depending on various factors like decentralisation and the offering of a yield portion, emphasising that if the Ethereum ETF goes ahead, it could add industry complexity. Pratik further explores the concept of Eigen Layer, which allows the unlocking of Ethereum’s staked capital to secure other decentralised protocols, likening this to a reverse mortgage. He explains that Eigen Layer uses Ethereum’s decentralisation to create more decentralised apps (DApps). Ethena, a synthetic dollar, allows for the same effect but more efficiently. Pratik maintains that Bitcoin is driving the cryptocurrency industry, with the potential of an Ethereum ETF exciting the market. Whilst he recommends keeping an eye on Ethena, he warns of the risks that are inherent in trading digital assets. Pratik views the overall crypto market as lifting in tandem with Bitcoin and anticipates greater deployment from VCs into the crypto space as a result.

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