Is the elite in Ethereum buying?
Many mainstream media, including the BusinessInsider, have recently made headlines such as "Ethereum made 4,000% this year and the elite of the world buys itself a". However, there was a specific mention only of MGT Capital and its Ethereum Miners, which somewhat relativises statements.
The launch of the Enterprise Ethereum Alliance (EEA) has successfully attracted institutional investors, larger financial institutions and technology conglomerates.
"The start-ups, which are involved in EEA, are actively involved in the development of applications. As far as the larger companies are concerned, there are at least some who are also actively involved in the development. UBS has already carried out experiments on Ethereum in 2015. BNY Mellon is also part of the consortium. BHP Billiton uses Ethereum to track raw materials. There are many companies that are developing, "explained Buterin in an interview .
But so far, most investment firms, traders and companies lack a basic understanding of ethereum, its purpose and structure. Through the Ethereum mining , companies have been given an initial technical insight into the peculiarities of Ethereum, its ecosystem, community and industry.
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In late May, the American investment firm disclosed Fidelity Investments, where ethereum had been explored for some time and applications developed on Ethereum. Fidelity Investments manages assets worth US $ 2.13 trillion and generates revenues of US $ 15.9 billion.
Fidelity CEO Abigail Johnson said:
"We have developed proof-of-concepts that receive bitcoin microtransactions. We have begun small Bitcoin and Ethereum Mining operations to expand our knowledge a bit. "
The "world's elite" thus begins to buy slowly into Ethereum to understand and use the technology and purpose behind the ecosystem. One day it could be the foundation for large-scale decentralized apps. It should never be forgotten that bitcoin and ethereum are not in direct competition with each other. So it can be quite useful to invest in both cryptanings.