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According to cryptocurrency investor Elliot Wainman, an under-the-radar altcoin is about to attract massive quantities of liquidity.
Wainman informs his 283,000 subscribers in a recent video that he’s looking at the decentralised savings protocol Anchor (ANCT), which he claims will see a massive rise in deposits.
The crypto influencer emphasises that Anchor’s deposit yield is considerably greater than the returns provided by other crypto lending and investing sites.
“So 20% APY as a fixed-rate yield is extremely high. You’re looking at something like BlockFi, you’re getting 8.6% and that was pretty high when we first heard about it. MPH, I was seeing fixed rate yields around 9% or 10%.
So 20% for a fixed-rate yield that you can set it and forget it, is absolutely unheard of. And if they’re able to pull this off, which it sounds like they’re in the final stages of doing, this will attract an insane amount of liquidity.”
According to Wainman, Anchor is a game changer because it has the ability to undermine the existing savings and yield scheme.
“In my opinion, if they’re able to successfully deliver on this 20% fixed rate yield will capture a whole lot of liquidity. And I’m talking about billions of dollars. Because people with a lot of money want to make a lot of money without doing a lot of complexity. They don’t want to work for it; they just want to be rewarded…
So this is a huge deal especially if you think about the biggest money bags in the world who for the most part park their money in U.S. treasury bills which pay a 2% yield. So if you think about this, this is a 10x over a treasury yield.”