ZEC Mirrors ETH as Bitcoin Believers Flock to New Asset

David Hoffman, co-founder of Bankless, has made another bullish prediction in a recent post. He suggests that ZEC's current price action is mirroring Ethereum's explosive growth in 2021.

Hoffman notes that the 'Bitcoin Bid' defense line has almost never been breached, with veteran Bitcoiners holding their BTC tightly and resisting the temptation to buy other assets. However, he believes that a small group of Bitcoin believers have defected to ZEC, creating a powerful Schelling point for the asset.

The 'Schelling point' refers to the idea that when enough people defect to a particular asset, it becomes contagious and more people follow suit. Hoffman argues that this phenomenon is happening with ZEC, which has already created a sufficiently powerful Schelling point for the 'Bitcoin Bid.'

Hoffman also draws parallels between NEAR's current price action and Ethereum's in 2021, suggesting that NEAR has won the 'Smart Contract Bid' trophy. He notes that the 'smart contract bid' is weaker than the 'Bitcoin bid,' but still significant.