Stanley Druckenmiller: Bitcoin Took the Crown as Google did and Ethereum is MySpace before Facebook came along
Those that have been on the crypto scene for some time now claim that making a comparison between Bitcoin and Ethereum is pointless and might end up costing people more than they bargained for. Mainstream media has started seeing some familiar FUD – fear, uncertainty, and doubt – as they see Bitcoin (BTC) being at the risk of ‘flippening’ from Ether (ETH).
As traders see the BTC/USD pair flagging below $40,000, the comparison argument between BTC and ETH has resurfaced, but major players in the crypto scene are advising against this argument.
Bloomberg: “ETH might surpass BTC”
A May 31 article by Bloomberg referenced several sources reiterating that in the future, Ether will exceed Bitcoin as the cryptocurrency of choice around the world. The co-founder of the Blockchain firm Edge & Node, Tegan Kline, told the publication that Ether “will likely exceed Bitcoin at some point in the future, as Ethereum will be superior when it comes to innovation and developer interest.”
Ethereum is seen as an altcoin with a “better growth story,” added another executive.
This argument has been in existence for some time now, since crypto enthusiast saw the potential the largest altcoin had. A recent major upgrade in Ethereum’s network has kept the altcoin’s profile afloat, and it has been outperforming BTC over the past year. In addition, ETH came to be the backbone of the decentralized finance (DeFi) phenomenon.
Earlier this month, the ETH/BTC pair attained its highest exchange rate in three years. In addition, recent days have been good for ETH as it has managed to preserve more of its price gains than BTC. As Cryptounit reported, the BTC/USD pair did not recapture its speculated position while the ETH/USD pair enjoyed an intact key moving average.
Comparing Ethereum to MySpace, Druckenmiller
Ethereum has had a good run and has performed beyond most people’s expectations; however, claiming that it will replace Bitcoin at the top is a pipe dream – and this opinion does not only come from devoted Bitcoin supporters.
The only flippening happening this year pic.twitter.com/cY0necJ3GM
— William Clemente III (@WClementeIII) May 29, 2021
Billionaire investor Stanley Druckenmiller was in an interview with The Hustle last week, and came out as a non-technical figure in trying to settle the mushrooming arguments that cast a doubt on the power held by Bitcoin.
He insisted that when it came to the store of the value game, BTC will come out victorious because it has become a known brand by itw own merit and it has been around for 13-14 years, and its supply is finite.
The billionaire investor claimed that Ethereum is to Bitcoin what MySpace is to Google.
Image courtesy of pixabay