Pantera Capital CEO Dan Morehead, in an interview with the Reuters Global Markets Forum, predicted that the latest Ethereum (ETH) upgrade might cause Ethereum to overtake Bitcoin as the largest cryptocurrency. Speaking during the interview on Monday, Morehead expressed optimism about the London hard fork. He also said the latest upgrade. the Ethereum Improvement Proposal (EIP) 1559 would boost ETH’s trading as a fixed asset.
He said:
“You’ll see a transition of people who want to store wealth, doing it in (ether) rather than just bitcoin.”
While giving more details about the proposed upgrade, Morehead explained that the blockchain would use Decentralised Finance (DeFi) and amend its current pricing. Furthermore, in comparison to BTC’s large carbon footprint, the upgraded ether (Ethereum 2.0) will cut down ETH’s mining energy.
ETH launched in 2015 and has since then become the second most valued cryptocurrency after Bitcoin. As of press time, ETH’s market capitalization is valued at $290 billion.
Morehead is not the only one who believes that ETH could outpace Bitcoin in the nearest future. In late June, the CEO of Galaxy Digital, Mike Novogratz, also speculated that one day, Ethereum could be the “biggest cryptocurrency.”
Pantera Capital currently has investments in several crypto exchanges like Coinbase, Bitstamp, and Bitso, a regional exchange company in Mexico. The company also manages blockchain-related assets worth up to $2.8 billion.
Image Credits: Pixabay
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