As BTC/USD continues to fall below $40,000, an old argument has surfaced, but major investors are fighting back.
Bloomberg: ETH “may surpass Bitcoin”
In an article on May 31, Bloomberg Cited Multiple sources claim that Ethereum will replace Bitcoin as the world’s preferred cryptocurrency in the future.
Tegan Kline, the co-founder of blockchain company Edge & Node, told the publication that the largest altcoin “may surpass Bitcoin in the future because Ethereum will be better in terms of innovation and developer interest.”
Another executive added that Ethereum has a “better growth story.”
The controversy is far from new And it appears regularly throughout the existence of Ethereum. The recent major upgrade of the Ethereum network has allowed its image to continue to develop. In the past year, ETH has outperformed Bitcoin and formed the backbone of the Decentralized Finance (DeFi) phenomenon.
The long-term loss of ETH/BTC reached the highest exchange rate in three years at the beginning of this month.
In recent days, ETH has also managed to maintain more price increases than Bitcoin. As reported by Cointelegraph, The key moving average of ETH/USD remained unchanged, while BTC/USD failed to recapture the “sand middle line”.
Druckenmiller compares Ethereum to MySpace
However, many people believe that despite Ethereum’s outstanding performance, it is absurd to claim that Ethereum will replace the highest-ranking Bitcoin, not only a staunch Bitcoin supporter.
The only thing that happened this year pic.twitter.com/cY0necJ3GM
-William Clemente III (@WClementeIII) May 29, 2021
In an interview with “The Hustle” last week, billionaire investor Stanley Druckenmiller (Stanley Druckenmiller) became the latest non-technical figure, which dispelled people’s doubts about the staying power of Bitcoin.
“I think BTC won the store of value games because it is a brand that has existed for 13 to 14 years and has a limited supply,” he said. Say.
“Will this be gold? I don’t know. To be sure, it has been imitated very well in the past year or two.”
For Druckenmiller, Ethereum is to Bitcoin what MySpace is to Google.
“I am more skeptical about whether it can maintain its position. This reminds me of MySpace before Facebook.” He continued.
“Or a better analogy is Yahoo before Google. Google is not much faster than Yahoo, but it doesn’t need to be. All it needs to do is to be faster, and the rest is history.”
For a long time, others have pointed out that, technically, Bitcoin and Ethereum have little in common. The limited supply of Bitcoin and the ability to resist attacks for many years put Bitcoin in a different alliance with any other cryptocurrency, and comparing another Bitcoin with it is an apple to orange comparison.
“I generally think that all other digital currencies will not really compete with Bitcoin and are completely different from Bitcoin,” Bitcoin standard,famous tell Unchained Podcast released in August 2017.
“I think their real competition is, if I’m generous, I would say Amazon Web Services and such platforms.”