Ethereum (ETH): will it always be second best?
For more than a week, Ethereum (ETH) has been on a meteoric rise that has led to a new all-time high (ATH) well above $4,100 (~£2,900). As the leading altcoin’s bull run continues with ever brighter prospects, supporters of Ethereum are starting to dream. According to Kevin O’Leary, if Ethereum does not exert its supremacy over the other altcoins it will be eternally doom to always be Bitcoin’s less successful younger brother.
Bitcoin is gold, Ethereum is silver
Well-known crypto friendly businessman and Shark Tank star Kevin O’Leary spoke about the hottest news of the week, Ethereum, on CNBC. With altcoins currently going through a bull run and Bitcoin struggling to regain the $60,000 (~£43,000) mark, O’Leary does not seem impressed. It has indeed been argued that Ethereum will remain in the shadow of Bitcoin forever regardless of market trends. “Bitcoin will always be the gold, Ethereum will always be the silver,” he said, freezing the respective distinctions of the market’s two main cryptocurrencies.
Mr. O’Leary then looked at the role that Ethereum will play in the future in an economic system that will be dominated by cryptocurrencies. He said, among other things, that Ethereum is more likely to be used as a tracking and payment system, but said its current value is too high to be used for that purpose. Leaning clearly in favor of Bitcoin, he said it was not done with expanding its grip on the sector. In particular, he expects institutional investors to breathe new life into the cryptocurrency bull run so that it hits a new all-time high by the end of the year.
Supporter of sustainable cryptocurrency mining
While he said three months ago that he had allocated 3% of his portfolio to Bitcoin, Mr. O’Leary describes himself as an environmentally friendly crypto investor. As a supporter of sustainable cryptocurrency mining, he quite openly voices his disgust for, what he calls, blood coins. They are, according to him, cryptocurrencies mined by unethical means. Targeting China as the main base for this type of operation, he wants investors to withdraw from these projects which damage the image of the industry. Mr. Wonderful, as O’Leary likes to call himself, boasts in this regard that he owns clean bitcoins who have no carbon footprint.
At the time of O’Leary’s interview, one ether (ETH) was worth $2,600 (~£1,800), now an ether is trading at $ 4,100 (~£2,900) – a 57% increase. With the upcoming arrival of ETH 2.0 symbolising the definitive shift from proof-of-work to proof-of-stake, the price of this “silver” could still be undervalued.
Just your average global millennial embracing, and interested in, the future of money and finance. Excited by blockchain tech as well as fintech but have a special passion for DeFi and Yield Farming, what will this technological disruption bring next?