1 Billion Dollar Crypto Fund Quits Bitcoin for Ethereum Rivals | Crypto

1 Billion Dollar Crypto Fund Quits Bitcoin for Ethereum Rivals

– The chief investment officer of Valkyrie Investments says that the crypto asset manager is turning to flight-to-safety assets such as Bitcoin (BTC) as The Merge approaches.
– In a new interview with Bloomberg Technology, Valkyrie CIO Steve McClurg says that as Ethereum (ETH) prepares to transition to a proof-of-stake consensus mechanism in September, the crypto asset manager is exiting all of its positions in the second-largest digital asset.
– McClurg says Valkyrie, which has about $1 billion in assets under its management, is moving its funds to Bitcoin and other smart contract blockchains such as Avalanche (AVAX) and Zilliqa (ZIL).
– McClurg says that Ethereums upgrade to a proof-of-stake consensus mechanism comes with tradeoffs that could pose major risks to investors.
– The CIO also says that Ethereums security after The Merge will have to prove itself before investors holding large amounts of funds on the network can feel safe.

Into Bitcoin and Two 1 Billion Dollar Crypto Fund Quits Bitcoin for Ethereum Rivals

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