Ethereum Founder Pushes ETH As Cash-Substitute, Can This Drive Price Above $4,000?
Ethereum founder Vitalik Buterin has made a case for ETH to be used as a cash substitute amid growing concerns of cash extinction in some Nordic nations. However, Buterin noted what needs to happen before the altcoin can achieve such a level of adoption.
Ethereum Founder Proposes ETH To Replace Cash
In an X post, the Ethereum founder put forward the idea of ETH replacing cash in nations that are adopting a cashless system. This came while he was commenting on how the Nordics are reversing their cashless society initiative because their centralized implementation of the concept is too fragile.
As a result, these countries, led by Sweden, are encouraging citizens to keep and use cash. The Ethereum founder believes that ETH can play a similar role to cash. However, he noted that the altcoin’s ecosystem needs to be resilient and private enough to be able to credibly play this kind of role.
In terms of making the Ethereum network private enough for ETH to achieve this status, Vitalik Buterin discussed the creation of models for fully offline zero-knowledge private transfers. He remarked that they know how to progress with such models, but added that there is the limitation that any solution depends on trusted hardware and post hoc enforcement against double spenders.
The Ethereum founder’s proposal for ETH to replace cash is undoubtedly a huge move, one that could boost the altcoin’s price if it gains such a level of adoption. Crypto analyst Flash recently indicated that the Ethereum price rally to $4,000 has begun, and such a move could be one of the catalysts that propels ETH to such heights.
Meanwhile, crypto analyst Mikybull Crypto has also predicted that the ETH price could rally above $4,000 in this cycle. This came as he outlined between $8,000 and $10,000 as his targets for this cycle, with these price levels marking a new all-time high (ATH) for ETH.
Time For ETH To Shine?
Crypto analyst Titan of Crypto has suggested that it might be time for the Ethereum price to steal the spotlight from the Bitcoin price, with altcoin season on the horizon. He revealed that ETH/BTC is attempting a breakout from a 1-year trendline. The analyst added that the weekly MACD shows bullish momentum.
Crypto analyst Rekt Capital noted that Ethereum’s dominance is showcasing initial signs of trying to hold the 9% level as support. He added that if it can do this, then Ethereum may become more market-dominant in June. This indicates that ETH could record a significant rally next month if it holds this support.
Related Reading: Ethereum Surge Above $2,200 Says Bear Market Is Over, Analyst Calls $5,791 ‘Easy’ Target
At the time of writing, the Ethereum price is trading at around $2,629, up almost 2% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Getty Images, chart from Tradingview.com
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