Dynamo DeFi, X Hall of Flame – Cointelegraph Magazine

Once trading begins, the impact of the spot Ethereum ETF on the price of Ether could challenge the old adage “the first is the worst, the second is the best,” suggests Patrick Scott, a cryptocurrency analyst and educator also known as “Dynamo DeFi.” .

A popular cryptocurrency expert predicted that Ethereum will not follow in Bitcoin’s footsteps after the price of BTC nearly doubled shortly after the spot Bitcoin ETF was launched last January.

“I don’t expect to immediately see the same kind of multiples as Bitcoin in two months,” Scott told Hall of Flame from his car in the parking lot, before a police car said, “Hang on a minute.” He then stopped the car.

As it turns out, they weren’t after him. Thank you God.

Spot Ether ETFs lack the initial excitement advantage.

Scott goes on to point out that the Spot Bitcoin ETF has the advantage of being the first cryptocurrency ETF available to investors.

“Bitcoin was the first cryptocurrency and the first ETF. So people who weren’t exposed to cryptocurrencies could suddenly be exposed to cryptocurrencies by buying Bitcoin,” says Scott. He is skeptical whether the same investors would also be interested in Ethereum exposure.

“Some of those people will say, ‘Now if I buy something else, I’ll get more exposure to crypto,’” he says.

Who is Patrick Scott of Dynamo DeFi?

Scott has 77,000 followers on X. That’s not quite on the same level as major influencers like Saylor and Buterin, but it’s still enough to fill three Madison Square Gardens.

He is best known for providing daily analysis of cryptocurrency projects, explaining market trends in an easy-to-understand tone, and even pointing out simple observations about overall market sentiment.

A big drop in Ethereum before launch could be a golden opportunity.

He believes the only way Ethereum could reach a similar relative price as quickly as Bitcoin after trading begins is if there is a big drop before launch.

“Unless we get a big reversal. “I don’t think it will be that extreme because the Bitcoin ETF is in a different place in the approved cycle,” he says.

When the Bitcoin ETF launched in January, it took just two months to reach its all-time high of $73,679 on March 13.

Scott also believes that major corporations are not as interested in Ether as they are in Bitcoin.

“I also think there is much less institutional acceptance for ETH, as there is for Bitcoin,” he says.

What brought Patrick Scott to X fame?

Like many of today’s cryptocurrency influencers, Scott not only shares cryptocurrency tips and news from behind the keyboard in his mom’s basement, but he also knows how to look good on camera.

However, I had no plans to become an ‘influencer’ in the first place. He doesn’t know much about cryptocurrencies, but he’s grateful to his curious father.

“I first made a YouTube video to show my father how to work in DeFi on the Avalanche Network. This is spring 2021 and I couldn’t find a good video on how to do this,” he laughs.

“I thought I would just record one and upload it because if that person is having this problem, other people probably are too,” he added.

He started posting videos more frequently and, after a few went viral, he started tweeting.

As his following grew, he realized he needed to create a more catchy name.

“I looked in the Scrabble dictionary to find a word starting with D that would go with Defi, and I chose Dynamo because it sounded cool, which I guess comes from the Greek word for strength,” he laughs.

Since getting serious about X in 2022, Scott has spent ‘a long time’ queuing up tweets every morning. It was usually 7, a lucky number. He built his following by mixing cryptocurrency usage tips with screenshots of news articles and his own commentary.

He explains that the feeling of a post going viral is “just a crazy dopamine rush.”

“I don’t think humans are ready to suddenly get social validation from hundreds of strangers telling you what you do is amazing and overwhelming,” he says, admitting he’s now used to it.

What kind of content does Patrick Scott like?

Scott closely monitors several cryptocurrency traders and analysts to stay on top of any trends and cut through the noise in the cryptocurrency market.

One of his “favorites” is Red Phone, an anonymous cryptocurrency analyst. Scott believes he is one of the best in the game.

“I think he is one of the best writers in the cryptocurrency space. He writes about the bigger implications of things, just as everyone talks about how macros affect cryptocurrencies. But what I like about him is that there are a lot of his articles that talk about how cryptocurrencies can affect the macro picture,” he says.

Andrew Saunders, Chief Marketing and Growth Officer at Skale Labs, and podcast host and influencer DeFi Dad are two other people Scott is watching closely.

According to Scott, Sanders has “very interesting views on the cryptocurrency market,” while DeFi Dad is “a great interviewer and someone who places a high value on Ethereum.”

What predictions does Patrick Scott have in mind?

Scott sees “every reason to think we’re in a lull before the long-term adoption cycle,” as he anticipates an influx of mainstream retail investors to enter the market in the next phase.

He did not specify an exact price target and timeline, but sees Ether’s recent $3,900 decline as a “gift” “if you look at it the right way.”

While he stands by his prediction that Ethereum will not double Bitcoin within two months after ETF trading begins, he believes the overall trend will move similarly.

“I will say this: I expect movement in a similar direction. But because we are in different stages of the cycle. “I don’t expect it to double,” he said.

But he’s not interested in guessing how many months it will actually take for Ether’s price to double.

“I don’t want to make specific predictions for those months,” he replies, after a cheeky nudge.

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Ciaran Lyon

Ciaran Lyons is an Australian cryptocurrency journalist. He is also a stand-up comedian and radio and TV presenter for Triple J, SBS and The Project.