As investors look for a safe place to store their assets, Ethereum – the second largest cryptocurrency after Bitcoin – is getting a boost, thanks to Putin’s endorsement of the currency.
The Main Story:
Ethereum continues to skyrocket after the Singapore government and the Russian president Vladimir Putin publicly showed their support to the currency. The latest Monday morning saw the currency trading at $407.10, a record rise of more than 5000% since the start of 2017, where Ethereum was trading at just $7.98.
The Russian president and Vitalik Buterin – founder of Ethereum – recently had a meeting during St. Petersburg International Economic Forum. According to some experts, the occurrence of this meeting suggests that Russia is willing to open its doors to using cryptocurrency in an attempt to make their economy less dependent on oil and gas.
“The digital economy isn’t a separate industry, it’s essentially the foundation for creating brand new business models,” said Putin at the forum.
The recent shift in Putin’s stance has had an immediate impact as the Russian entities such as the State Development Bank VEB, have agreed to use Ethereum.
Meanwhile, the government of Singapore has also released a report about their recent attempts of using Ethereum blockchain and creating their own digital currency.
Japan is also issuing new rules about making Ethereum a valid form of payment. Some major companies such as Microsoft and Toyota have shown their support for Ethereum too.
In conclusion, Ethereum is getting support from all across the globe and is likely to experience even more boost in the coming days. So, if you are looking for a safe digital investment option, Ethereum is the way to go.
Story Credits: vanityfair.com