Ether has more potential than Bitcoin as a newer cryptocurrency, and the latest EIP 1559 will help the token trade more like a fixed asset, Pantera Capital CEO said.
As a newer cryptocurrency, Ether has more potential than Bitcoin, Morehead said at the Reuters Global Markets Forum on Monday, noting that the latest Ethereum Improvement Proposal (EIP) 1559 upgrade will help the digital token to trade more like a fixed asset.
You’ll see a transition of people who want to store wealth, doing it in Ether rather than just Bitcoin,” Morehead predicted, adding that the cryptocurrency’s shift to Ethereum 2.0 will significantly reduce Ether’s mining energy consumption levels compared with the one of Bitcoin. Ethereum’s wide implementation in decentralized finance applications would also help Ether grow bigger than Bitcoin, he said.
Despite predicting a brighter future for Ether, Morehead is still optimistic about Bitcoin’s growth in the future. The CEO reportedly predicted that Bitcoin would trade between $80,000 and $90,000 by the end of 2021, rising above $120,000 within a year. Surging mainstream adoption could further drive Bitcoin price to as high as $700,000 in the next decade, Morehead noted.