Ethereum ATH As Vitalik Goes MIA, Central Bankers Feel The Bitcoin Pressure

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Last Updated on 3 November 2021 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / jeroen@cryptotips.eu
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As Ethereum sees another ATH and it is getting to that point where analysts will soon be able to calculate the exact point in time of the flippening (when the market cap of Ethereum will be higher than Bitcoin), people wonder where Vitalik Buterin has gone on Twitter. Many of his followers feel he’s MIA (missing in action) on social media as of late.

A couple hours ago the Ethereum price hit a new high of $4,638.45 and is currently trading around $4,590.

Although he did give an interesting overview of crypto being possibly used in cities, I have another theory, namely that he is in fact the singer ‘Just Jack’ (the resemblance is very striking) and is getting ready to do a follow-up of his 2009 smash hit ‘starz in their eyes’. Just kidding of course. The MIA stuff seems to work out for Vitalik and his company.

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Hyperinflation

When FED chairman Jay Powell was asked during the summer how he felt about rising inflation, his answer that it was only ‘transitory’ soon became the global central bankers’ mantra. Japan, the EU and Chinese central banks all thought the same. Now that an autumn surge of energy prices is combining with a large supply chain bottleneck, people are starting to realize that inflation could be here to stay.

Rabobank rates strategist Richard McGuire commented that:

Rates in the eurozone and US have on multiple occasions been driven by the anticipated actions of central banks that are normally on the periphery. Essentially, market participants are looking to these more peripheral central banks as providing a lead indicator of what the Fed and ECB will be having to do next.

In fact, crypto enthusiast and Twitter CEO Jack Dorsey warned some ten days ago already that hyperinflation could soon be coming. He was vilified by market commentators for daring to utter the words.

Other Bitcoin fans like Elon Musk and ARK founder Cathie Wood thought Dorsey had a point though, with the Tesla boss even admitting that short-term we are seeing strong inflationary pressure.

All that is of course good news for crypto, which has capped numbers of coins for most of its major projects (Bitcoin is maxed at 21 million pieces).

Even Peter Thiel followed up this weekend, stating at a conservative conference that the high price of Bitcoin indicates the economy is facing real inflation.

You know, $60,000 Bitcoin, I’m not sure that one should aggressively buy. But surely what it is telling us is that we are having a crisis moment.

He sure is right about that. With inflation soaring in the west and Evergrande posing a threat to the Chinese economy in the east, Bitcoin could be the shining winner of yet another strange year.