Peter Thiel’s involvement adds to the positive case for EOS.
After a solid start for the year, cryptocurrencies plummeted in May. However, since the massive dip, cryptocurrencies have remained resilient and have found some technical support. This has prompted traders to reconsider other altcoins such as EOS (CCC: EOS-USD)
The bitcoin meltdown did not spare EOS. Its price recently peaked at $14 but has now dropped to $4 due to the latest crypto meltdown. However, EOS has rebounded sharply and is currently back above the $6 barrier, representing a significant move from the lows. Why are people giving EOS another chance? Some of it is attributable to the overall recovery, but EOS has its unique charm.
Thiel’s involvement with Block.one
EOS boasts one of the most impressive celebrity investor lineups. EOS is the coin of Block.one, a blockchain software firm. Billionaires Peter Thiel, Alan Howard, and Louis Bacon have all invested in Block.one. Both Bacon and Howard are well-known hedge fund managers.
Thiel is the most well-known member of the group, as he is a renowned Silicon Valley entrepreneur. As a co-founder of PayPal (NASDAQ: PYPL), Palantir (NYSE: PLTR), and Facebook’s first outside investor, he is most known for his contributions (NASDAQ: FB). When Thiel invests in something, nice things tend to happen.
As a result, Thiel’s involvement with Block.one is a hopeful indicator. This is especially relevant in light of Palantir’s recent achievements. When the artificial intelligence (AI)-driven security software startup went public, it raised some eyebrows. However, traders quickly gobbled up PLTR shares, giving Thiel another significant gain. Given Palantir’s strength in big data, the cryptocurrency appears to be another appropriate subject for Thiel to examine.
Thiel has also stated that he is a big fan of cryptocurrencies. Palantir’s recent stock surge has been fueled in part by rumors of a significant entry into the crypto industry. This could result in some form of gain for EOS as well.
Positive Exchange
Block.one made a significant announcement in May. Bullish is the name of the company’s upcoming cryptocurrency exchange. The organization is starting with a massive $10 billion in digital assets (mostly Bitcoin) and cash to support its activities.
This should allow it to handle ample liquidity and trading volumes from the start. Block.one also wants to implement numerous features of decentralized finance (DeFi) into the exchange, allowing customers new possibilities to benefit from cryptocurrency.
The essential aspect of EOS is that the EOS token will power transactions on Bullish. By investing 20 million EOS tokens right away, Block.one is helping Bullish get up and running. The company’s initial press release did not define how EOS will profit from exchange activity; but, EOS token holders should benefit if the exchange takes off.
There had been rumors about the corporation launching a cryptocurrency exchange for months. Despite this, the price of EOS increased by 50% in response to the news, as investors rejoiced at the realization of a long-held desire.
Conclusion on EOS
In investment, there is a concept known as “betting on the jockey.” In other words, instead of focusing on whose horse can go the fastest, choose the rider who can get the most out of their horse. A similar game is at work with EOS. If you trust Peter Thiel, it makes sense to look at his cryptocurrency.
Investors that got in early on Palantir have done nicely. While it remains to be seen which AI stock will ultimately be the champion of the space, Thiel’s notoriety and resources have given Palantir a significant boost. Cryptocurrency is a similarly volatile market right now. However, with solid advocates, EOS could emerge as a leader in the field.
