March 27, 2023

Weiss Ratings Analysts Call Ethereum the Main Engine of the Cryptocurrency Industry

Earlier this week, Morgan Creek Digital co-founder and Bitcoin proponent Anthony Pompliano criticized fundamental characteristics of Ethereum's second-largest cryptocurrency by comparing it with fiat money. Experts at the Weiss Ratings analytic firm, however, disagree.

Without mentioning Pompliano directly, Weiss Ratings inOn a tweet on Saturday, he writes that some people in the industry compare ether to fiat money, and also praise governments for trying to create state digital money.

“At the moment, ETH is the main project that gives the industry strength to move forward. Whether you want to trade or create something - there’s ETH for that, ” - said the company.

On his Off The Chain blog, Anthony Pomplianostated that the broadcast is no different from the usual fiat currency, since it does not have a fixed emission, is subject to inflation, and its monetary policy is determined by a small group of people.

It is worth noting that Pompliano was criticized andfrom other industry representatives. So, the author of the cryptocurrency YouTube channel, Brad Laurie, reminded the entrepreneur that well-known expert Andreas Antonopulos spoke in rather positive words about Ethereum.

Udi Wertheimer, another famous representativeBitcoin industry, however, believes that Pompliano has studied the issue well enough to make such statements. Moreover, according to him, he did exactly what Antonopoulos teaches: he went to study the subject and came to the conclusion that ETH is a fiat.

Recall earlier the creator of Ethereum VitalikButerin declared the inevitability of digitalization of money, while noting that privacy-oriented and decentralized coins are much preferable to state-controlled digital currencies of central banks (CBDC).