TL;DR Breakdown
- Stanley Druckenmiller believes there is no future where Ethereum can dismiss BTC’s dominance.
- Bloomberg can see a situation where ETH is able to conquer Bitcoin and become the world’s biggest cryptocurrency.
- The BTC vs ETH battle for the most influential crypto goes on.
Bitcoin is the world’s first and biggest cryptocurrency, invented in 2008. The reason why other cryptocurrencies exist is Bitcoin. One can easily notice that throughout history, the moment Bitcoin value plunges, all of the market dealing in crypto sees a bearish trend and the sole reason is that Bitcoin is the father of all cryptocurrencies. Next to Bitcoin, the second most influential cryptocurrency is Ethereum. Ethereum was invented in 2015 with the objective of providing a better payment experience than even Bitcoin itself.
The people who support either of these of coins have been at a war of opinions with each other. This war is a never ending war where Ethereum supporters expect the coin to destroy Bitcoin’s dominance when the time comes.
Recently, the whole world saw the entire crypto industry going through a bearish trend and as a result, Bitcoin went as low as $30,000. This price was the lowest point of the year so far. Ethereum also went down but was able to maintain its composure. It didn’t fall by much and maintained its value at around $2,000.
Bloomberg supporting Ethereum
Bloomberg has cited plenty of sources in its latest piece who think that eventually there will be a time when ETH vs BTC war will end with ETH on top. This was a bold and predictive statement that stirred the Bitcoin supporters. Executives consider that Ethereum has better stories related to its growth and that
“It (Ethereum) will likely exceed Bitcoin at some point in the future, as Ethereum will be superior when it comes to innovation and developer interest,”
Tegan Kline, co-founder of Blockchain firm Edge & Node
Ethereum has a stable structure and recently was able to maintain its value by upgrading its platform and blockchain performance. In recent times, Ethereum has gained many partnerships and also, risen to its all-time high of over $4,000.
Stanley Druckenmiller has no doubt about Bitcoin’s dominance
Stanley Druckenmiller is one of those investors who have no doubt in the superiority of Bitcoin’s existence and that Ethereum possesses no challenge to Bitcoin in any manner. The current situation is just a minor setback according to Druckenmiller and a change for new people and organizations to enter the crypto world.
Stanley Druckenmiller further commented that he believes that Bitcoin has an upper hand as a store of value because it is limited in supply, ie, only 21 million tokens of Bitcoin exist and also, it is the only currency in the market that has been in existence for 13-14 years.
“Maybe a better analogy is Yahoo before Google came along. Google wasn’t that much faster than Yahoo, but it didn’t need to be. All it needed to be was a little bit faster and the rest is history.”
Druckenmiller on Bitcoin
There are plenty of billionaires and investors that have considered Bitcoin and Ethereum in separate atmospheres. Bitcoin proudly has lived against all odds and big crashes along with historically huge scandals. Regardless of all this, BTC is still standing and is nowhere near to being dethroned. It is not easy to have such an influence. However, lately, people have started believing that Ethereum might surpass Bitcoin. From the sidelines, it is interesting to wait and see how it all plays out.
