One school of thought has held for some time that Ethereum would one day turn Bitcoin. The bull rallies of last year have brought an end to the debates. This is not something that everyone seems to have forgotten. One of those is Galaxy Digital’s trading co-head Jason Urban. This trading expert shared his opinions on cryptocurrency and how he feels Ethereum will ultimately turn Bitcoin.
Ethereum Merge is The Catalyst
Jason Urban, Galaxy Digital Head of Trading and Co-Head, discussed why he thinks that Ethereum will eventually flip bitcoin. Urban identified the upcoming ETH Merge as the main driver. The upcoming ETH Merge will provide Ethereum with an advantage over bitcoin. Both currencies still use the proof-of-work mechanism. Ethereum will now move to proof-of-stake, which requires significantly less energy in order to perform transactions.
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This network’s increased speed will give it an edge. Making it a more valuable digital asset.
Kitco News spoke out about the widespread adoption of Ethereum, saying that this shows people understand the concept better. This leading platform for smart contracts presents an exceptional opportunity because of its universal utility. It is therefore a good investment option for institutional investors.
Source: ETHUSD on TradingView.com| Source: ETHUSD on TradingView.com
“There’s scalability and things that now become very valuable and will allow ETH to grow and so smart institutional investors are seeing that,” Urban noted. “They’re not going to create a more ESG compliant crypto and that is driving institutions into such a degree that we may see more institutional money going into Ethereum than Bitcoin because of the whole energy consumption angle.”
What Time Will Flippening Take Place?
The future value of volatile digital assets, such as Bitcoin and Ethereum can sometimes be hard to predict. Urban believes the market will see ETH flipping BTC within a certain timeframe.
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He stated that he doesn’t expect the flipping to happen anytime soon. The timeline isn’t very long, however. Answering the question, Urban said that he sees this taking place “in the next two to three years” which is the “soonest” time that he expects this to happen.
“As people become educated in the space and they understand what the value proposition of crypto is they start to understand the power of smart contracts that layer one that so many brilliant minds can build on. Ethereum is the copper, Bitcoin is the digital gold.”
At the time this article was written, Ethereum trades at $3250. While it currently trades at less that 10% of bitcoin’s current value, the market cap for Ethereum is smaller than the original cryptocurrency.
CNBC image featured, chart by TradingView.com