Ethereum bulls tout adoption, AI-driven supercycle, but Wall Street is skeptical

3 hours ago

The cryptocurrency marketplace whitethorn acquisition its archetypal extended rhythm owed to the increasing organization superior and trading products successful the Web3 industry, making integer plus investments much accessible.

Some investors foretell a crypto “supercycle” that whitethorn invalidate the mentation of the four-year crypto marketplace rhythm related to the Bitcoin (BTC) halving and spot integer plus valuation emergence beyond this historical clip frame.

For the world’s second-largest cryptocurrency, Ether (ETH), the supercycle whitethorn beryllium catalyzed by Wall Street’s increasing adoption of blockchain technology, according to BitMine Immersion Technologies, the world’s largest firm Ether holder.

The archetypal large operator for Ether whitethorn beryllium “Wall Street moving into the blockchain,” according to BitMine, the largest firm holder of ETH.

Despite the optimism astir a imaginable supercycle, not each Wall Street participants are truthful bullish connected Ether’s terms trajectory.

US concern slope Citigroup has acceptable a $4,300 year-end terms people for Ether, which is importantly beneath ETH’s all-time precocious of $4,953, surpassed connected Aug. 24.

“Current prices are supra enactment estimates, perchance driven by caller buying unit and excitement implicit use-cases,” Citi wrote successful a Monday enactment seen by Reuters.

Ether has emergence by astir 108% successful the past six months and traded astatine $4,177 astatine the clip of writing, TradingView data shows.

AI agents seen arsenic catalyst

BitMine sees the increasing adoption of agentic artificial intelligence protocols arsenic the 2nd imaginable catalyst for the incoming Ethereum supercycle.

AI agents volition necessitate a “neutral platform” specified arsenic a nationalist blockchain, which could bring much applications to Ethereum, the largest astute declaration platform.

“For AI to beryllium truly valuable, it has to beryllium an economical actor. So AI agents person to beryllium capable to bargain things and get money,” according to Ben Horowitz, co-founder and wide spouse astatine task superior steadfast Andreessen Horowitz (a16z).

“If you’re an AI, you’re not allowed to person a recognition card,” said Horowitz successful a Tuesday X post. “Crypto is similar the economical web for AI,” helium added.

“Credit cards don’t enactment arsenic wealth for AI, truthful the logical thing, the net autochthonal wealth is crypto.”

AI agents are bundle programs designed to automate and execute circumstantial tasks connected behalf of users.

Autonomous onchain agents tin interact with blockchain protocols, enabling functionalities specified arsenic trading, token swaps, portfolio absorption and engaging with decentralized finance platforms.

Some of the largest fintech firms are investing successful AI agents. On Sept. 2, PayPal Ventures led a Series A backing circular into decentralized AI infrastructure provider, Kite AI, raising $18 cardinal to bring its cumulative backing to $33 million, Cointelegraph reported.