Bitcoin (BTC) is in danger of being “overtaken” by Ether (ETH), traditional media claimSince the FUD “Fear, Uncertainty and Doubt” it is once again the center of attention.
With the BTC / USD pair still ticking below $ 40,000, an old argument has re-emerged, but major investors are fighting back.
Bloomberg: ETH “will likely outperform Bitcoin”
In a May 31 article, Bloomberg cited multiple sources claiming that in the future Ether will overtake Bitcoin as the world’s preferred cryptocurrency.
The biggest altcoin “is likely to overtake Bitcoin at some point in the future as Ethereum will outperform in terms of innovation and developer interest,” said Tegan Kline, co-founder of Blockchain Edge Node, on the release.
Another executive added that Ethereum has a “better growth story”..
The argument is far from new and has surfaced regularly throughout Ethereum’s existence. The recent major upgrade to the Ethereum network has maintained its profile, and ETH overtook Bitcoin in the past year, forming the backbone of the decentralized finance (DeFi) phenomenon.
The ETH / BTC pair has been on a losing streak for a long time, hitting its highest exchange rate in three years earlier this month.
In the past few days, ETH has also managed to generate more price gains than Bitcoin. As Cointelegraph reported, a key moving average for the ETH / USD pair remains intact while the BTC / USD pair has failed to restore “lines in the sand”.
Druckermiller compares Ethereum with MySpace
Despite its impressive performance, it makes no sense to claim that Ethereum will replace Bitcoin at the top, argue many, and not just staunch Bitcoin supporters.
The only flippening this year pic.twitter.com/cY0necJ3GM
to???? William Clemente III (@WClementeIII) May 29, 2021
In an interview with The Hustle last week, Billionaire investor Stanley Druckermiller was the youngest non-technical figure to dispel doubts about Bitcoin’s endurance.
“I think BTC won the Store of Value game because it’s a brand that has been around for 13-14 years and that has a limited supply.”, He said.
Will it be gold? I dont know. It is absolutely certain that he has made a good impression in the past year or two. “
To Druckermiller, Ethereum is to Bitcoin what MySpace is to Google.
“I’m a little more skeptical that he can hold his position. It reminds me a bit of MySpace before Facebook?, he continued.
“Or maybe Yahoo is a better analogy before Google got there. Google wasn’t much faster than Yahoo, but it didn’t have to be. All it took was to go a little faster and the rest is history. “
Others have long pointed out that Bitcoin and Ethereum have little in common technically. Bitcoin’s limited supply and years of resistance to attack make it a league like no other cryptocurrency, and comparing another is like comparing apples and oranges.
“In general, I think that all other digital currencies don’t really compete with Bitcoin and are in no way similar to Bitcoin,” said Saifedean Ammous, author of The bitcoin standard, to the Unchained Podcast in August 2017.
“I think their real competition is if I’m generous I’ll say Amazon Web Services and these types of platforms.”