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Bitcoin loyalist, Tuur Demeester, backs Ethereum thanks to DeFi

coinjournal.net

Long time supporter of Bitcoin and critic of Ethereum now says he is long on the smart contract platform After years of criticising Ethereum, Tuur Demeester, a long term backer of Bitcoin, announced via Twitter that he will be taking the long position with Ethereum, though not without doubts about its fundamentals. This shift to Ethereum comes at a time when the DeFi market is gaining popularity and numerous projects that use its blockchain are being given lots of attention.

Ethereum facilitates smart contract technology and the adoption of blockchain into many industries with its Hyperledger platform. With the introduction of token Compound (COMP), an Ethereum based decentralised financial service, interest has increased with many of its current and potential users, propelling the Ethereum Defi market up to an explosive $2 billion in Q2 2020.

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