Nigel Green, CEO of one of the world’s leading financial institutions, has predicted that Ethereum will exceed Bitcoin in the long term. The CEO who has always been a crypto advocate sees the second leading cryptocurrency outpacing the pioneering crypto in the future. Green said Ethereum had already outperformed bitcoin for the year. Quoting percentages from performances for the two top cryptocurrencies in the market.
“There is up around 240% this year. While Bitcoin is up less than 38%. In fact, it has outperformed all other benchmark assets in the first half of this year. Ethereum is outperforming Bitcoin and it can be expected to continue this trend for the rest of 2021.”
ETH price has grown 240% in 2021 | Source: ETHUSD on TradingView.com
The use case applications of Ethereum is the driving force behind this prediction. “First, Ether has a higher level of real-use potential,” Green said. “As Ethereum, the platform on which it is the native cryptocurrency is the most in-demand development platform for smart contracts. Thereby highlighting that network’s value not only as a platform for developers. But as a worldwide financial utility.”
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This points to the growing use case of Ethereum in the DeFi space. The majority of decentralized apps (DAppsa) built in the DeFi space are built on Ethereum. As well as the majority of NFTs being minted in the booming NFT trade. These use cases put Ethereum at the forefront of blockchain development for the future.
Ethereum 2.0 Will Boost Blockchain Technology
The CEO continued to highlight the usefulness of the Ethereum blockchain over the Bitcoin blockchain. Ethereum’s network already provides faster transactions when compared to Bitcoin. And with the scheduled move to ETH 2.0, will leave Bitcoin in the dust performance-wise and use case-wise.
“Ethereum is more useful than Bitcoin and has tech advantages over its better-known rival,” the CEO said. “Ultimately, this will mean that its value will exceed that of Bitcoin – probably within five years.”
The move from proof of work to proof of stake is one of the most anticipated upgrades in the crypto space. If successful, the ETH 2.0 upgrade will see the Ethereum network use significantly less power to mine blocks. To be more exact, about 99% less energy consumption in mining. Removing one of the biggest bottlenecks in the crypto mining space.
Still Bullish On Bitcoin
The CEO’s predictions still do not affect how his stance on Bitcoin. The crypto enthusiast has always been bullish on crypto in general. Sayin last month that, “crypto is the inevitable future.”
BTC price has grown less than 38% in 2021 | Source: BTCUSD on TradingView.com
Green’s stance on Bitcoin remains positive. The CEO predicts that the price of Bitcoin is set to break a new all-time before the year runs out. “That said, I remain confident that Bitcoin will hit, or even surpass, its mid-April all-time high of $65,000 by the end of 2021.”
Nigel Green also acknowledged that the climb to the top will not be without its hurdles for Ethereum. Thus, the CEO concluded by saying, “There will be peaks and troughs along the way, of course. But Ethereum’s ascent to the top of the cryptoverse seems unstoppable.”
Featured image from Crytpoknowmics, charts from TradingView.com