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© Reuters
By Alessandro Albano
Investing.com – The merger (or “Merge) and its move from Proof-of-Work to Proof-of-Stake, which took place at 8:42 a.m. Thursday, is seen by many as a historic moment for the entire cryptocurrency market and as a catalyst for digital coin valuations.
This update also represents an important ecological step for the crypto world, as the new mining model will use 99.9% less energy, which will reduce the Ethereum supply.
Merge also represents an important ecological step for the crypto world.
According Nigel Green, CEO from the deVere Group (an independent financial advisory firm based in the UK), “the most commercially significant blockchain overhaul in the digital asset ecosystem is arguably the most significant event in history cryptocurrencies since the launch of the “.
“It transforms Ethereum from a Proof-of-Work mechanism to a Proof-of-Stake mechanism, which lowers transaction costs, allows the network to process more transactions in a shorter time, and reduces the consumption of energy by a whopping 99.9 percent,” the ad explains in a commentary for Investing.com.
deVere, a long-time proponent of non-fiat currencies, predicts this “historic event” will fuel crypto prices and attract more investors at a time when sentiment on risky assets isn’t exactly looking good fixed.
“Although some news has already been predicted, there is no mistake: this event will be a major catalyst that will push prices up in the long term,” said Mr. Green, adding that “the reduction in consumption energy will be the main reason because it will become much more attractive to institutional investors, who bring with them enormous capital, experience and reputation.”
For the CEO, “institutional investors who have been left on the sidelines are likely to come forward”, adding: “In addition to having a more positive impact on the climate, the effect of the Merger will reduce supply, reduce costs , will speed up transactions and appeal to both individuals and institutions.” “Due to the significance of The Merge, we expect the developments to provide some support to broader cryptocurrency market prices.”
“The merger represents a major boost not only for Ethereum, but also for blockchain technology itself. It is an important day for cryptocurrencies”, finally reiterated the CEO of the British company.
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