Recently, crypto influencer and trader Elliot Wainman, the owner/host of YouTube channel “EllioTrades Crypto” told his over 294K subscribers about three cloud storage plays that could deliver huge gains.
Wainman made his comments during a YouTube video released on April 5.
He started by talking about Filecoin ($FIL), which is “an open-source cloud storage marketplace, protocol, and cryptocurrency.”
He said that FIL’s recent price increase was being driven by Chinese investors and predicted the trend would continue:
“[Filecoin’s rally] is all being driven by the fact that major Chinese officials have started to actively encourage Filecoin mining…“
Here is why Wainman believes that China is so interested in decentralized cloud storage solutions such as Filecoin:
“[Filecoin’s] decentralized cloud storage purpose fits into China’s agenda to build out its own internet infrastructure as a defense mechanism against the tech cold war. This is what’s going on with the American and China rivalry with tech.
“Apparently, China sees decentralized storage as a key to essentially guarding against internet infrastructure that has more or less been dominated by western influences like Amazon Web Services, Facebook, Google… almost all of these, except for Alibaba and all of their infrastructure. It’s mostly a western game here with the internet infrastructure.“
He also talked what makes Filecoin mining interesting:
“…the actual tokenomics behind Filecoin require people to buy Filecoin to mine Filecoins. You can’t just mine it like a Bitcoin by buying an ASIC – Application Specific Integrated Circuit…
“That is a phenomenal tokenomics structure for Filecoin holders. And essentially this is leading to an explosive and parabolic snowball effect here for Filecoin mining and Filecoin purchasing.“
Wainman mentioned that two other crypto projects that are benefitting from Filecoin’s good fortunes are Siacoin ($SC) and BitTorrent ($BTT):
“[Filecoin’s rally is] having ripple effects throughout the entire cryptocurrency world. We’ve also seen huge pumps in storage coin Siacoin which is up almost [200%] over the last month.“
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The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a high risk of financial loss.