According to Shuttleworth, Ethereum can power more businesses while referencing the network’s ability to process more transactions than established platforms like Visa (NYSE: V), he said during an interview with Kitco News on October 6. He pointed out that Ethereum is in a position for mass adoption, citing qualities like guaranteed security for users.
Ethereum still facing competition
However, Shuttleworth acknowledged that Ethereum still faces competition from other projects that also present strong use cases in sectors like DeFi. At the same time, Shuttleworth noted that the ongoing macroeconomic factors are hampering Ethereum’s ability to attract massive capital inflow and adoption.
Ethereum remains shaky post-Merge
Notably, following the Merge upgrade, it was projected that Ethereum would likely record an increase in the number of institutions, with the asset becoming deflationary. However, the value of Ethereum and the general crypto market have been outweighed by prevailing elements like high inflation and the threat of continued interest hikes. For instance, on October 3, Finbold reported that Ethereum’s market capitalization had plunged by almost 20% since the September 15 Merge upgrade. Watch the full interview below: Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
