deVere CEO Nigel Green said: "Ethereum's conquest seems to be an increasingly plausible prospect." This month, such statements have the prerequisites for existence. Ethereum remains a much more scalable digital asset than bitcoin, and its network also provides huge opportunities for users, offering many different functions, as well as smart contracts.
According to Vitalik Buterin, ether will switch to a new Proof-of-Stake protocol, which will be more environmentally sustainable. Now bitcoin and ethereum work on the same Proof-of-Work protocol. Green said that ethereum surpasses bitcoin in everything except hype, popularity and media.
According to him, 2021 and 2022 will be a turning point for the main altcoin. Now there is only one cryptocurrency that can claim the throne on the crypto arena - and that is ethereum.
Eswar Prasad, professor of economics at Cornell University, said that it is impossible to say with 100% accuracy that ethereum will dominate bitcoin.
A priori, there may be difficulties when switching from the old protocol to the new one, there are also many risks associated with Defi products that may not fire and undermine the trust of users both in the products themselves on the network and in the ethereum itself.
However, Prasad said that bitcoin also does not position itself as a great tool for converting currencies. Its blockchain is very limited and non-multifunctional. The ether blockchain is more flexible and functional, especially for such services. It can also become the very lifesaver for exchanging and converting with high bandwidth.
Half a month ago, Goldman Sachs analysts already predicted a huge success for ethereum and gave five years for the ether to surpass bitcoin on the crypto-olympus within the next five years.
Justin Hartzman, CEO and co-founder of the Canadian crypto exchange Coinsmart, thinks that it will be difficult for ethereum to beat bitcoin on all fronts, since bitcoin has long been an established and proven crypto asset with a huge number of holders. According to Hartzman's forecasts, the next bitcoin reduction, at least twice, should occur in three years, which will serve as a catalyst for price growth.
Also, do not forget such altcoins as cardano and tezos, which are now the cherries on the cake, and are rightfully called the killers of ethereum. If they shoot, they will be able to take the possible market capitalization from the ethereum wallet over the next five years.
John Yadeluk, CEO of Bank Capital, spoke out and dispelled doubts that ethereum will surpass bitcoin in terms of market capitalization and popularity. Yadeluk does not see any scenarios in which the SEC can first approve the ethereum ETF, and only then approve the bitcoin ETF.
Investment firm Capital analyst Jason Packham also believes that this is a double-edged sword and a lot will depend on how the two crypto giants of the network solve their internal problems, how they scale, how they resist inflation, which is an attractive ground for investors.
Ethereum has the richest ecosystem in space, while bitcoin can be seen as an accumulative medium. Ethereum is a completely decentralized platform.
Packham also said that in fact, bitcoin is the best thing that could happen to humanity, and there will be nothing better than it. However, it is foolish to bet against ethereum, as its network is absolutely unique and rich, and its innovations are simply amazing.
Peckham stated that as a trader, he would have preferred ethereum, citing its innovativeness and dynamics of development. He believes ethereum will offer bitcoin higher growth potential in a bullish outlook.
The material has been provided by InstaForex Company - www.instaforex.com