An Ethereum Foundation researcher said that Ethereum 2.0 could be delayed yet again but how about Ethereum price?
In a Reddit Ask-Me-Anything earlier today, Ethereum Foundation researcher Justin Drake said that Ethereum 2.0 might not launch until January 2021, far later than the 2020 release that the Foundation is pushing for.
Ethereum 2.0 may not launch until 2021
At the Ethereum Asia Supermeetup in March 2019 in Hong Kong, Vitalik Buterin explained:
“It is a way to bring technical improvements, like PoS and sharding, together to improve the Virtual Machine, Merkle Trees, the efficiency of the protocol, and a whole bunch of small technical things that you have never heard of.”
Ethereum 2.0 has long been regarded as one of ETH’s most bullish catalysts. However, the case of the Ethereum bull has been hit hard with a recent statement from a famous community member. This happens when ETH has reached a high for months.
By 2020 and in most Q1, the general sentiment is that Ethereum 2.0 will launch in July or August 2020. But this is likely to change.
According to Ethereum researcher Justin Drake, on July 10, he thought that the first phase of the Ethereum 2.0 upgrade could not be operational this year.
In a Reddit “Ask Me Anything,” he said that for the upgrade to be smooth, he wants a public testnet, bug bounty, and “attack net.”
According to him, all this cannot happen in Q3 2020:
“All the above cannot happen in Q3 2020. With Thanksgiving on November 26 and the December holidays fast, say the latest practical opportunity for genesis in 2020 is mid-November, four months from now. As such, I’m now inclined to say that the effective date for genesis is something like January 3, 2021 (Bitcoin’s 12th anniversary).”
Notably, Ethereum founder Vitalik Buterin did not agree with this sentiment. However, the speech shows that there is considerable uncertainty about the upgrade.
According to Kelvin Koh, a partner at Spartan Group, this is somewhat of a discount for Ethereum.
The former Goldman Sachs partner said that the uncertain economic impacts and potential technical shortcomings of the upgrade made him raise prices more than BTC against ETH.
ATM I am more bullish on $BTC.
We are observing the ETH2.0 transition closely to understand the crypto economic implications and impact on $ETH price.
At some point, we may turn more bullish on $ETH. It is a big event but at the moment there is considerable uncertainty.
— SpartanBlack (@SpartanBlack_1) May 22, 2020
However, when Ethereum 2.0 appeared, analysts hoped the upgrade would have a substantial impact on the market.
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ETH 2.0 is only a few months away, and could prove to be the largest economic shift in society for a few key reasons.
Here is my 7 economic cases for how ETH will preform with the ETH 2.0 rollout. pic.twitter.com/fxIqu07xAb
— Adam Cochran (@AdamScochran) April 17, 2020
Ethereum proponent and investor Adam Cochran shared in April that ETH 2.0 will create the most significant economic change in society. He attributes this to the fact that bets and other incentives enabled around the upgrade could force Ethereum higher.
Read more:
- Ethereum Price Now On Track To Hit $300, Citing The Bullish Break Of Its Market Structure And Its Outperformance Of BTC
- Ethereum Showing Some Signs Of Underlying Weakness Despite Some Strong Price Action Over Past Few Days