In a recent interview Steven McClurg, the CIO of the asset management Valkyrie said Bitcoin may decline further although we are close to the bottom. The executive says markets depend on macro trends and inflation. As rates are going higher than expected, all risk assets are going to fall.
Commenting on Ethereum, the Valkyrie executive said in his opinion moving to Proof-of-Stake is a great thing for the blockchain for the short run, but it can work out for the long run.
McClurg finds that the Ethereum Network is more secure as Proof-of-Work. He added that Bitcoin is the most secure network as during a long period of time Proof of Work, which is based on the work of computers as validators that are validating transactions worldwide has worked in a decentralized manner.
Steven McClurg says in the Proof-of-Stake validating blocks fall in the hands of few who stake their tokens. According to him, the mechanism will show how it works for Ethereum over time. However, McClurg finds that at this moment it's not safe to hold for example a $1 M worth of NFTs relying on the Ethereum network while it's undergoing changes.
He predicts that Ether can go back to $1,000 or lower if the Merge doesn’t go well, and if everything does go as expected we may see an essential rally. In McClurg’s opinion, big bets on Ether shouldn’t be done until September.
Currently, Ether trades at around $1660, 2% down in the last 24 hours. The price of Bitcoin hovers near $21,400.