The battle for supremacy between the leading crypto Bitcoin and the leading altcoin Ethereum continues as Ethereum advocates increasingly believe that Ethereum can soon surpass Bitcoin. Fred Wilson, a famous venture capitalist and co-founder of Union Square Ventures, thinks that Ethereum’s market cap will surpass Bitcoin in 2022. Continue reading Kriptokoin.com for details.
Can a leading altcoin become a leading crypto? According to
Fred Wilson, knockdown will occur as a result of a variety of issues, some of which will upset the Bitcoin network and there will be new developments trying to upgrade the Ethereum network in 2022. In the past years, Ethereum has gone through a series of upgrades aimed at completely migrating the network from a Proof-of-Work (POW) to a Proof-of-Stake (POS).
Earlier in the week, the ETH 2.0 Beacon chain was successfully launched with calls to test the community ahead of a “Merge” that would put an end to energy-intensive mining and reduce Ethereum’s energy consumption by 99%. Fred Wilson believes that the merger prior to the launch of shard chains will attract millions and bring a ton of liquidity to the network, which translates into a parabolic growth in the network’s market capitalization. That’s $400 billion less than currently knocking Bitcoin down. Fred Wilson says:
Ethereum’s merger in 2022, coupled with the understanding that productive assets should be worth more than non-productive assets, makes this a pretty straightforward prediction.
Fred Wilson refers to the Bitcoin maximalisdollar series’ reliance on “limited supply as nothing more than a marketing meme”:
If you look at the larger crypto market, With ghost chains and zombie chains with XRP or billion-dollar market cap and no users, the misdistribution is even crazier. Not to mention the hordes of open scams, including more than a few in the top 25 crypto market caps.
The network has seen astronomical growth in Defi applications through Kilidollarsenen Total Value (TVL) as demonstrated on DeFiLamma. According to Fred Wilson, the growth in this DeFi will act as a hockey stick.