🔴 Goldman Sachs: Ethereum Will Overtake Bitcoin | This Week in Crypto – May 31, 2021

Apple looking for a crypto expert, GameStop building an NFT platform and can Ethereum eclipse Bitcoin? These stories and more,
this week in crypto. Hi, I’m Nate Martin
from 99Bitcoins.com, and here’s what’s happened
this week in crypto. A leaked report from Wall Street giant
Goldman Sachs has given Ethereum, the second-largest cryptocurrency, a "high chance" of overtaking Bitcoin. Given the importance of real uses,
according to Goldman analysts Ether has a high chance of overtaking Bitcoin
as a dominant store of value, calling Ethereum
the "Amazon of information." Apple is now headhunting fintech experts
for its alternative payments department. The tech giant is looking for
a Business Development Manager with 5 or more years experience
working with cryptocurrencies and other alternative payment providers. It is yet unclear what Apple intends to do
with cryptocurrencies in the long run but it seems another step towards adoption. Video game retailer GameStop launched a new website under the domain
nft.gamestop.com, with a page featuring an animation
with the words: 'Power to the players.
Power to the creators. Power to the collectors.' The company confirmed
it is building a new team for a division called NFTeam at GameStop.

PayPal will allow users to transfer
their digital assets to outside platforms
and third-party wallets. Up to this point, traders using PayPal to store
cryptocurrencies were required to keep their assets
with the company and were not given private keys
to their stashes, but a PayPal executive confirmed
this will change in the future. Billionaire Ray Dalio admitted
in a recent interview that he is invested in bitcoin.

While Dalio has not revealed
how much BTC makes up his portfolio, the move represents a nice change
for someone who at one point was very anti-crypto, even commenting that he could
not see institutions investing in it. Ripple CEO Brad Garlinghouse
said at the Consensus 2021 conference that Ripple might soon
become a public company. Garlinghouse stressed that
any initial public offering plans would have to wait until Ripple
resolves its lawsuit with the U.S. Securities and Exchange
Commission over it’s coin, XRP. After voicing concerns about the environmental impact
of bitcoin mining, Elon Musk from Tesla has joined hands
with Michael Saylor of MicroStrategy to form the Bitcoin Mining Council. The purpose of the organization will be
to “promote energy usage transparency and accelerate sustainability initiatives
worldwide.” DubaiCoin—the official cryptocurrency
of the city of Dubai in the United Arab Emirates—
has shot up by more than 1000 percent just days after its release. The currency is regulated
by authorized brokers and can be used,
like cash and credit cards, to purchase various goods
and services in Dubai.

That’s what’s happened
this week in crypto. Make sure to watch
for next week’s episode, when I’ll be reporting from Miami, Florida,
the site of Bitcoin 2021. See you next week. If you've enjoyed this video,
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