Skepticism about launch
In a candid conversation with the X Hall of Fame, Patrick Scott expressed skepticism about the Ethereum ETF having an immediate impact on the price of Ether. Unlike Bitcoin, which has nearly doubled in value since the launch of the spot Bitcoin ETF in January, Ethereum may not enjoy such rapid growth.
“Bitcoin had a novel element. Not only was it the first cryptocurrency, it was the first cryptocurrency to have an ETF, so investors who previously hated crypto suddenly found a way to access the market.”
– Patrick Scott
However, Scott questions whether these investors will show the same enthusiasm for Ethereum. “It’s about whether people who bought Bitcoin will diversify into Ethereum,” he said.
DeFi Impact
Scott’s rise to X fame is a testament to his ability to connect with audiences through relatable content and practical advice. His initial intention to help his father navigate DeFi has now transformed into guiding thousands through the complex world of cryptocurrency.
As the market awaits the impact of the Ethereum ETF, investors should ponder whether this is actually a new era for cryptocurrencies or whether the opportunity has already passed due to Bitcoin’s first-mover advantage.
Looking back, it’s an opportunity
The test for the Ethereum ETF will be the market’s reaction to the latest Ethereum news. Scott suggests that only a significant price decline before launch could create an opportunity comparable to an ETF-induced rally in Bitcoin. As the Ethereum ETF begins trading, investors are watching closely, ready to capitalize on any potential golden opportunities that may arise.