The price of Ethereum is an unstoppable tidal wave. Every passing day pushes the Ethereum price an inch closer to Bitcoin, its only major competitor in the cryptocurrency scene. Proposed in 2013 by Vitalik Buterin, this freshfaced posterchild has pushed its way to the front line in big ways. Garnering attention from banks, business, and even political heads, it’s easy to see how much of a movement Ethereum is really making.
Earlier this week, Russian President Vladimir Putin approached Buterin during an economic forum, extending his approval and interest in the digital currency. Putin stated, “The digital economy isn’t a separate industry, it’s essentially the foundation for creating brand new business models.”
The Russian leader’s clear interest in cryptocurrency may be precisely why we’ve seen a spike in Ethereum’s value this week. Since Saturday, June 3, through early Wednesday morning, Ethereum’s price has climbed nearly 40 points to just above $260. This continues the ongoing bullish trend we’ve seen since the middle of May.
Russia’s interest in Ethereum is nothing new in the world of business, however. Big business and banking industries alike have been eyeing cryptocurrency for some time now, and Ethereum may just be the open door they have been looking for.
The security and stability of Ethereum are making it a forerunner in the business scene. Marley Gray, the principal blockchain architect at Microsoft, said “In every industry that we come across, Ethereum is usually the first platform that people go to.”
Backed by the support of Microsoft and IBM, the Ethereum price is likely to continue its upward growth. The kind of attention Ethereum is receiving across the board, from business to politics, is no small feat. Bitcoin has been striving for this type of publicity for years, however, its shortcomings have held it back.
Ethereum’s security and power are streamlining it straight to first place.