• Kevin O’Leary of ‘Shark Tank’ believes Ethereum will have a deflationary future

  • Kevin O’Leary, a Canadian entrepreneur, investor, and reality television personality known as “Mr. Wonderful” — appears to be now praising Ethereum as a deflationary asset.

    O’Leary took to Cameo — a website that allows users to purchase personalized video messages from celebrities — clearly reading from a script — to tout the benefits of Ethereum’s August 5 London upgrades. Most notably, the upgrades saw the introduction of EIP-1559’s long-awaited burn mechanism into Ethereum’s fee market.

    “It introduced a very significant change to Ethereum’s monetary policy,” said O’Leary. “Currently, the fees that users pay to send transactions go to the miner, but after this improvement, the fees will be burned.” “When combined with EIP-3675, which switches the network to Proof-of-Stake, […] Ethereum will become deflationary,” he concluded, adding, “If Bitcoin is sound money due to the $21 million supply ceiling, [Ethereum] is ultrasound money due to the lack of a supply ceiling.”

    At the time of writing, Ethereum’s highly anticipated 1559 improvement proposal had been live for five days.

    According to Ultrasound.money, a website that tracks the rate at which Ether is burned through transaction fees, approximately 20,500 Ether (roughly $63.75 million) have been burned so far.

    While no firm date has been set for Ethereum’s upcoming chain merge, which will complete the network’s transition to Proof-of-Stake consensus, experts predict the merge will take place in early 2022.

    For the first time, the chain merge was formalized as an Ethereum Improvement Proposal last month. The upgrade, now known as EIP-3765, was formalized by the submission of a pull request to GitHub.

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