Ethereum News Update
Some of you may recall that TechCrunch founder Michael Arrington launched a $100.0-million crypto investment fund last year.
In doing so, he made Ripple (XRP) the “cash position” of the fund. This meant that investors had to buy XRP in order to join, rather than simply putting U.S. dollars into the fund.
It was a strange move. However, this was months ago, way before XRP became the toast of the town. And Arrington was a successful, well-connected guru in the Valley, so most shrugged and moved on.
But then XRP prices exploded by more than 1,200%.
Daily Ethereum Chart
Instantly, Arrington’s gamble turned to prophecy. One Twitter user even thanked him for publicizing XRP. Apparently, the user (mis)took Arrington’s endorsement as advice and invested a ton of money into XRP.
“Thank you, Michael, for introducing XRP to us,” wrote the follower, adding that he was now “in heaven” from the quick returns.
“Nice!” Arrington responded. “Don’t forget Ether.”
This may seem like a casual exchange on social media, but I urge you to take a closer look. When thanked for advocating XRP, Arrington essentially admits that he has a second-favorite crypto: Ether.
It is the native token of the Ethereum platform.
Intuitively, this makes sense. Both XRP and ETH are utility tokens—they can generate real value for existing businesses inside and outside of finance. If Arrington is basing his investment philosophy around value generation, then this picture makes perfect sense.
However, ETH prices haven’t exploded in the same way as XRP. This could mean that ETH is undervalued. Arrington certainly carries that implication in his tweet, so I wouldn’t be surprised if his fund has a considerable stake in ETH.
Just to be clear, our Ethereum price forecast for 2018 already suggested ETH would rise to $1,500. Arrington’s bullishness on ETH is just the icing on the cake, not the cake itself.
Also Read: Ethereum Price Prediction for 2018