Ethereum Classic: Finally Starting to Pay Off
But still a long way to go!
A few years ago, one of the smartest people I knew from college told me he was working on building his own cryptocurrency.
Back in college I wanted to recruit him to be my chief technology officer for the start-up I was working on at the time. He was simply a fantastic engineer who actually built things.
Hence, when we re-connected in NYC and I learned that he launched his own crypto which had a market cap of $50K from random people on the internet. I thought that insanely cool and he was working on some cutting edge tech.
I dug more into and ended up buying into his crypto called Commonwealth.
In order to buy into Commonwealth you first needed to buy a cryptocurrency called Ethereum classic (ETC). You would then exchange your ETC to buy Commonwealth.
ETC is the original Ethereum (ETH). ETH is the second largest cryptocurrency behind Bitcoin. But very few people know about ETC…
When I was buying into Commonwealth at the time, ETC was around $3-$7. I sold my Commonwealth position in Q3 2020 because my friend stopped working on the project.
But Commonwealth project exposed me to the ETC asset class. Just like their can only be 21 million Bitcoins, their can only be 210 million ETCs. This scarcity element makes it valuable like rare metals.
People see ETC as the silver or bronze to the crypto gold which is Bitcoin.
I have held my ETC since the beginning of 2018.
As the crypto boom has happened the last few months, ETC didn’t rise in price.
Bitcoin moved from $5K to $50K and ETC didn’t move above $10.
But just a few days ago, ETC finally jumped from $10 to $48.
It has since corrected back to $30 but it’s nice to finally see the asset have momentum.
My price target is $250 by 2025 and I’ll be holding until then.