The cold war between BTC and ETH is enriched with a new element. In fact, we now have the CEO from Citadel, one of the funds hedge most important in the world, which takes the parts of the second cryptocurrency by market value, with an incredible forecast.
Yup, ETH, at least according to the predictions of the CEO of Citadel Ken Griffin could overtake BTC, for reasons that, we admit, leave us a little perplexed
Ken Griffin: “ETH will overtake BTC”
The prediction is one of those … bomb. Because Ken Griffin, which is CEO of one of the most important hedge funds of the world, he expressed himself in very clear tones – and for many narcotic.
The full video of the interview deals with several very interesting topics. The central theme of Ken Griffin’s discussion is that ETH will surpass BTC like main digital asset by market capitalization. The distance is still a long way, but it does not seem to scare a person who is one of the most important in the international financial circuit.
We come back to this very tired refrain – or on the fact that BTC pollutes too much. A tired discussion, often based on incorrect data – and which does not take into account the higher level of safety that higher energy consumption can guarantee. And without even taking into account the fact that BTC is moving, particularly in the US and Europe, towards a mining based almost exclusively on renewable energy sources.
On this Griffin he’s right: ETH, in particular in the sector of decentralized finance has more use cases. After all BTC has no support for smart contracts – although there are some L2s that are trying to provide such an environment – and therefore will not be able to participate in the revolution of the moment. We add, also i NFT they will not be able to rely on BTC, or at least not directly. The fact is, however, that BTC it has the role of the best crypto asset in the world because it serves something else.
That is, because his transactions are the safest – because the system PoW with a hashrate of this level it is practically unassailable. And that this makes it true digital gold. Without taking anything away from ETH, this yardstick is between the absurd and the ignorant – and therefore we do not feel we can consider it useful for the debate between fans of both cryptocurrency.
No, energy consumption will not be essential
Or rather, it will be fundamental on the contrary. And we don’t think that Griffin is right that BTC it will lose leadership for its validation system PoW. Could we be proved wrong by the facts? Yes. We don’t think that ETH is a valid product? Absolutely yes – and indeed we consider it one blockchain, as Griffin rightly pointed out, of great prospect despite already having a very high market value.
However, we are skeptical – and we are writing it black and white for future reference – that overtaking can happen, especially if in a short time. The gap is enormous – as is the role of the two protocols. Because if it is true that we are bullish on ETH – it is equally true that we recognize a pre-eminence, also in terms of long-term investment, a BTC