The CEO of Pantera Capital predicts that Eth2 will help Ethereum surpass Bitcoin

exist The imminent Ethereum London hard fork, CEO of Pantera Capital Dan Morehead It is predicted that the upcoming upgrade may help Ether (Ethereum) More than Bitcoin (Bitcoin) As the largest cryptocurrency.

As a newer cryptocurrency, Ether has greater potential than Bitcoin and Morehead Say At the Reuters Global Market Forum on Monday, it was pointed out that the latest Ethereum Improvement Proposal (EIP) 1559 upgrade will help digital tokens be traded more like fixed assets.

One of the five EIPs in the Ethereum London upgrade, EIP-1559 is an expected update of the existing fee structure of Ethereum. Introduce a minimum payment Used to send Ethereum transactions and get rid of the bidding system that allows miners to prioritize the highest bid. The EIP-1559 upgrade aims to programmatically adjust user fees to cover the minimum bid for each block. The EIP-1559 upgrade may make Ether a deflationary asset.

“You will see a shift in people who want to store wealth, they use Ether instead of Bitcoin to store wealth,” Morehead predicted, adding that the shift from cryptocurrency to Ethereum 2.0 will be significantly reduced Ether mining energy consumption level Compared with Bitcoin.Ethereum Widespread implementation of decentralized finance He said that the app will also help Ether become bigger than Bitcoin.

Despite predicting that the future of Ether will be brighter, Morehead is still optimistic about the future growth of Bitcoin. According to reports, the CEO predicts that by the end of 2021, the transaction price of Bitcoin will be between US$80,000 and US$90,000, and will rise to more than US$120,000 within a year. Morehead pointed out that the surge in mainstream adoption may further push the price of Bitcoin to as high as $700,000 in the next ten years.

related: As the London hard fork gains momentum, the price of Ether hits a two-week high

Ether was launched in 2015 and is the second-highest cryptocurrency by market capitalization. Forehead At the time of writing, it reached $290 billion. Ethereum London, scheduled to take place on Wednesday, is one of the largest Ethereum upgrades and aims to move its blockchain from Proof of Work (PoW) to Proof of Stake, which means that the network will mainly rely on collateral rather than mining. Bitcoin was launched in 2009 and relies on the PoW consensus algorithm.

Morehead is not the only one who believes that Ethereum may surpass Bitcoin in the future. Mike Novogratz, founder and CEO of crypto investment company Galaxy Digital, predicted in late June that Ether may become “One day the biggest cryptocurrency.”