Historic day for crypto: The Merge is here
The Ethereum Merge has happened. It’s here. And I believe it’s a landmark, historic moment for the cryptocurrency market as a whole.
This major network upgrade sees a move to a new operating model that will utilise 99.9% less energy and reduce supply of the world’s second largest cryptocurrency.
As I was quoted by CNBC, International Investment, Financial Mirror and Tech Round, amongst other media, The Merge has been years in the making and this overhaul of the most commercially important blockchain in the digital asset ecosystem is likely the most significant crypto event since Bitcoin’s launch.
The upgrade shifts Ethereum from a proof-of-work to a proof-of-stake mechanism, which reduces transaction costs, means the network can process more transactions in less time and will radically reduce energy consumption by a huge 99%.
As a result, this historic event will, to my mind, act as a major catalyst driving crypto prices up in the long term.
The reduction in energy consumption will be the principal reason, because it will become considerably more appealing to institutional investors, who will bring their vast capital, expertise and reputational pull.
These investors who have been watching from the outside will now likely move in.
Moreover, as well as having a more positive climate impact, The Merge’s impact of reducing supply, slashing costs and boosting transaction speed will also appeal to individuals and institutions.
As such, due to the significance of The Merge, we forecast the developments to increase prices across the broader crypto market to a degree.
The Merge signifies a major boost, not just for Ethereum, but for blockchain technology itself. This is certainly a historic day for crypto.