Eric Trump, the executive vice president of The Trump Organization, agreed on Thursday that Ethereum (CRYPTO: ETH) is undervalued and should be trading above $8,000.
What Happened: Trump was responding to assertions made by noted cryptocurrency analyst and investor Ted Pillows about Ethereum’s performance.
Pillows compared ETH’s growth with the global M2 money supply, i.e, the Federal Reserve’s estimate of liquid assets, including cash on hand, money deposited in accounts, and other short-term saving vehicles.
“Comparing with M2 supply growth, ETH should be trading above $8,000 by now,” Pillows said. “This shows how undervalued ETH is right now, and is probably one of the best trades out here.”
Trump quoted the analysis, saying, “Agreed.”
See Also: BitMine Immersion Shares Rise After Ethereum Holdings Surpass $2 Billion
Why It Matters: Trump has been a strong backer of ETH, urging investors to buy the second-largest cryptocurrency in early February. Notably, ETH tanked by 48% over the next two months, raising questions about his advocacy.
But Trump may have the last laugh following the coin’s resurgence. ETH has surged 46% over the previous month, wiping out the losses since the mid-December decline. Since Trump’s post, ETH is up nearly 26%.
Trump seems to be putting where his mouth is. World Liberty Financial, a Trump family-backed cryptocurrency venture, where he is listed as a co-founder, has seen its ETH investment balloon to a staggering $267 million, leading to a paper profit of over $12 million.
Price Action: At the time of writing, ETH was exchanging hands at $3,590.16, down 1.37% in the last 24 hours, according to data from Benzinga Pro.
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Photo courtesy: Maxim Elramsisy / Shutterstock
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
