Making informed investment choices is paramount to getting significant profits, and following the steps of experienced investors is one way of doing this. On that note, a Wall Street veteran recently gave reasons why he bets on Tesla (TSLA), Ethereum (ETH), and Bitcoin Spark (BTCS) in 2023 and beyond.
Tesla stock price
On September 11th, the Tesla stock price gained about 10% to around $274, closing at its highest level since July 19 and reaching its largest single-day increase since January. The surge in price came after Morgan Stanley analysts, led by Adam Jonas, changed their rating for the Tesla stock from hold to buy, increasing their price target from $250 to $400. The main reason behind Morgan Stanley’s upgrade was its optimism for Tesla’s Dojo supercomputer, which Jonas estimated could add up to $500 billion in enterprise value for the electric vehicle manufacturer.
How to mine Ethereum?
Ethereum mining is no longer possible due to the blockchain’s move to a Proof-of-Stake (PoS) consensus mechanism through what was known as The Merge. Ethereum now relies on validators, who are chosen based on the number of ETH they have and are willing to stake as collateral, to confirm blocks. The Merge solved a number of the limitations of the previous Proof-of-Work (PoW) system, improving the scalability, energy efficiency, and speed of Ethereum. It also laid the groundwork for other developments to advance the Ethereum blockchain.
Bitcoin Spark is a new Bitcoin fork with significant enhancements that position it as a pioneer of the next generation of crypto. It, nonetheless, retains Bitcoin’s tokenomics, having a maximum supply of 21 million BTCS.
The network offers faster and cheaper transactions due to its short block time, enhanced individual block transaction capability, and vast number of nodes. With its multi-layered architecture, the network also establishes itself as a more scalable and versatile platform for smart contracts and decentralized applications (DApps).
The Bitcoin Spark network introduces a novel consensus mechanism called the Proof-of-Process (PoP), which gives rise to decentralized CPU and GPU rental. The PoP rewards users for confirming blocks and contributing their processing power to the network. However, to ensure a more equitable dissemination of rewards, the PoP is combined with an algorithm that exponentially reduces the rewards per additional power. This nonlinear rewards functionality, combined with Bitcoin Spark’s vast nodes and lightweightness, allows for many more validators. The team behind Bitcoin Spark will provide an application compatible with Windows, Linux, Mac OS, iOS, and Android, which will enable users to participate in network validation by simply permitting access to their device’s processing unit. The app will work in an isolated virtual environment to ensure security and will continuously adjust the processing power used to conserve battery, prevent overheating, and account for simultaneous device usage needs.
The contributed power will be ‘rented out’ as remote computing power to the network’s clients, who will then pay for the service using BTCS. The revenue generated will go to the network validators in addition to the BTCS minting rewards. Additionally, Bitcoin Spark will have small slots for community-policied ads on its application and website, with network participants getting 50% of the revenue earned plus incentives for policing the ads. With the ability for unlimited devices to provide processing power and the booming of the marketing industry, Bitcoin Spark could evolve into an autonomous revenue-generating network with constantly profitable participants.
Lastly, Bitcoin Spark is in its Initial Coin Offering (ICO), which enables investors to get BTCS at a relatively discounted price. BTCS will launch at $10 but is currently selling at $2.50, accompanied by a 9% bonus. The ICO also suggests a low market capitalization, which allows the BTCS price to rally by unprecedented levels. The project’s launch, being close to the start of the next expected crypto bull, further boosts this probability.
The bottom line
While a Wall Street Veteran favouring Tesla, Ethereum, and Bitcoin Spark suggests great potential for these assets, conducting your own research before investing is crucial.
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