ETH 2.0 will outpace Bitcoin, Pantera Capital CEO predicts
Pantera Capital’s CEO, Dan Morehead has recently predicted that ETH 2.0, the slated upgrade, would most likely assist Ether (ETH) in outpacing the largest cryptocurrency, Bitcoin (BTC).
At Reuters Global Markets Forum, Morehead explained that as a newer crypto-token, Ether holds more potential than that of Bitcoin, stressing that the latest Ethereum Improvement Proposal (EIP) 1559 upgradation will increase its trade, making it more feasible as a fixed asset.
Morehead also discussed that there would be a transition of those who want to store their finances who would increase Ether usage rather than storing wealth just in Bitcoins. He said that one of five EIPs in its London upgradation model ( EIP 1559) is a much-awaited update to Ethereum’s current fee structure; the upgradation would now introduce a minimum payment for sending ETH transactions, thus making a shift towards a bidding system that enables crypto miners to prioritize the highest amount of bids. It is designed to automatically adjust fee charges for users who would now pay the lowest bid for each block. EIP 1559 upgradation is exceptionally potent to make Ether a deflationary asset.
Morehead further added that its shift to Ethereum 2.0 would enormously reduce Ether’s mining energy consumption levels to that in comparison with Bitcoin. Ethereum’s widespread implementation in decentralized financial applications would also fuel Ether’s growth in surpassing Bitcoin.
However, Morehead is highly optimistic about Bitcoin’s future growth, although he predicted a brighter future for Ether 2.0. Concerning Bitcoin, he projected that BTC is more likely to trade between $80,000 and $90,000 by the year-end of 2021, surging above $120,000 within one year. Its rising mainstream adoption could also drive Bitcoin price to about $700,000 within the next decade, Morehead said.
Morehead isn’t the only one who believes ETH 2.0 would outperform Bitcoin soon. Founder and CEO of Galaxy Digital, Mike Novogratz, had also predicted in late June that Ether’s upgrade could surpass Bitcoins in becoming the “biggest cryptocurrency one day.”