Cathie Wood's #1 Cryptocurrency to Buy Before It Soars 5,000%

Ethereum, the largest cryptocurrency on the open-source Ethereum Network, differs from Bitcoin (CRYPTO: BTC) in two ways. First, miners can only mine Bitcoin tokens on the Bitcoin blockchain, whereas Ethereum developers can build tokens, dApps, and NFTs. Ethereum's adaptability makes it a key part of the Web3 movement, which seeks to replace Apple's App Store and Alphabet's Google Play with decentralized apps and payment systems.

Second, Ethereum mining uses less electricity than Bitcoin. Ethereum switched to PoS mining in September 2022 from Bitcoin's energy-intensive PoW approach. That shift, called The Merge, cut network mining energy use by 99.95%. Ethereum bulls believe the upgrade will make expanding the Ethereum Network and supporting Web3 projects easier.  

The key Ethereum catalysts? Bitcoin is the largest cryptocurrency, while Ethereum is second. Bitcoin and six stablecoins from PayPal (NASDAQ: PYPL) and Gemini (CRYPTO: GUSD) are on the New York State Department of Financial Services' "green list" of eight pre-approved cryptocurrencies. The SEC may authorize spot Ethereum ETFs because to their stability.  

However, the SEC recently repeated that Bitcoin was the only cryptocurrency that could be classed as a commodity rather than a security since it uses the PoW mechanism, which is like mining precious metals. While more environmentally friendly, the PoS mechanism makes cryptos like Ethereum more like futures contracts than commodities, according to the SEC.  

The SEC recently requested further information from the Ethereum Foundation and is dedicated to reclassifying Ethereum and other Ethereum tokens as securities. Since commodities are valued by spot prices, the SEC likely won't allow Ethereum spot ETFs soon.  

However, Ethereum's token burning may stabilize its price in the short run. Future Ethereum Network updates may make financial transactions and decentralized coins and apps easier. Ether, the token that underpins the Ethereum network, might be accepted by more organizations, and institutional investors could buy more of it, even as spot ETFs make it harder to access than Bitcoin.  

Should Wood's bullish forecast be trusted? Investors should doubt Wood's $166,000 objective. First, the famous growth investor has made several mistakes. Her firm's Ark Innovation ETF (NYSEMKT: ARKK) fell 4% over the past five years while the S&P 500 rose 76%. Wood's opinion may be subjective because Ark offers an Ethereum futures ETF and is trying to get a spot Ethereum ETF approved.  

However, Wood is confident that Ethereum's developer base and capacity to "displace many traditional financial services" and "take share from existing financial intermediaries" will boost its price to her lofty $166,000. Ethereum may not reach that high price in 2032, but if the Ethereum Foundation upgrades its network and stays up with Bitcoin, it might stable and rise over the next few years.  

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