Home Altcoins News Ethereum Classic (ETC) Bob Summerwill Excited about Vote of Confidence from DCG

Ethereum Classic (ETC) Bob Summerwill Excited about Vote of Confidence from DCG

ethereum classic ETC

Bob Summerwill expressed, what a fantastic vote of confidence in Ethereum Classic from Digital Currency Group. A great way to start the week.

Barry Silbert pointed to how the “Digital Currency Group Announces Plan to Purchase Shares of Grayscale Ethereum Classic Trust”

For clarity, Digital Currency Group, Inc. “DCG” is the parent company of Grayscale Investments, LLC.  They have authorized the purchase by DCG of up to a total of $50 million worth of shares of Grayscale Ethereum Classic Trust (OTCQX: ETCG)!

The DCG are planning to use cash on hand to fund the purchases and they are going to make the purchases on the open market at the discretion of the management.  This will be done in compliance with Rule 10b-18 under the Securities Exchange Act of 1934 the “Exchange Act”.

The share purchase authorization did not DCG to acquire any specific number of shares in any period.  Therefore, this may be expanded, extended, modified, or discontinued at any time. The actual timing, amount and value of share purchases will depend entirely upon a number of factors, including the levels of cash available, price, and prevailing market conditions.

Community response:  But I thought all crypto was overvalued.  Watch their money, not what they say.

Why ETC over so many other ‘assets’? Barry is looking for exit liquidity ASAP! GREAT NEWS, just the hedge I was looking for against my shorts. Did they mistakenly buying the wrong ethereum? EIP1559 mainnet is coming soon and also ECIP1103 Magneto Hard Fork is coming.

Its Grayscales 3rd largest holding behind BTC and ETH and has been for quite some time now.  You should probably consider doing research as to why that it is.

You understand Barry is the market maker for ETC? Rather than laughing, might be wise to wonder why they are making purchases instead.

What’s with all the negative replies? ETC will follow Bitcoin and Ethereum. ETC is gold and has a bright future. Even Forbes predicted it will hit over $1000 soon. ETC to the moon.

So much FUD.  Did you click the wrong Ethereum buddy? Hi Barry, what is the value of ETC? Just because it is proof of work and has limited supply? And 100% interoperability with all of Ethereum L1 features and Dapps.

While the roof was burning some newbie was like:  Can someone explain what ETC does? Are there any Dapps does anyone use it for anything?

As always, the idiots started mocking ETC – the top coin by trading volume!

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James

James T, a passionate crypto journalist from South Africa, explores Litecoin, Dash, & Bitcoin intricacies. Loves sharing insights. Enjoy his work? Donate to support! Dash: XrD3ZdZAebm988BfHr1vqZZu6amSGuKR5F

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