DeFi Revolution Is Bullish For Both Bitcoin And Ethereum, Analyst Says
The DeFi movement has been booming and gaining a lot of popularity lately.
It’s been just reported that the DeFi analyst David Hoffman thinks the rise of Bitcoin-pegged assets on Ethereum is a bullish development for both Ethereum and BTC.
New podcasts on DeFi
The online publication the Daily Hodl notes that crypto podcaster Luke Martin focused two of his shows this week on decentralized finance.
Hoffman, the chief of operations at RealT – a tokenized real estate platform, told Martin that Wrapped Bitcoin will provide risk-averse Bitcoiners an opportunity to profit off their holdings.
“Bitcoiners as a culture are generally much more risk-averse than what we see in the shenanigans in DeFi right now. DeFi and Ethereum are all about experimentation and pushing the boundaries, seeing what we can really do, and Bitcoiners are really scared to risk their Bitcoin, because one of the value propositions of Bitcoin, built into the hard cap of Bitcoin, is ‘don’t lose it.’”
On the other hand, it’s important to note the fact that Hoffman said that Bitcoin can become finacialized on Ethereum and integrated with DeFi protocols, providing profit opportunities.
“With WBTC, you can submit your BTC into MakerDAO or Compound, and then you can draw debt based off of that, and so this is really advantageous for people who don’t want a taxable event on their Bitcoin, but they do want to leverage some liquidity or some of that value in that Bitcoin.”
New podcast with @TrustlessState is LIVE!
One billion dollars of tokenized Bitcoin lives on Ethereum, and it’s probably a good idea to learn about it before the next billion gets there.
Lots of alpha in here so listen, subscribe, share:https://t.co/TCP5lchfSy
— Luke Martin (@VentureCoinist) September 16, 2020
Check out the Daily Hodl’s original article in order to find out more details on the matter.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.