Paul Graham, known as the “father” of Silicon Valley startups, announced that an unknown friend sold 80% of his Bitcoin (BTC) and switched to the leading altcoin Ethereum. Addressing his 1.3 million Twitter followers, Graham states that the potential of NFTs has a great impact on this choice.

Leading altcoin ETH preferred

When it comes to Silicon Valley, innovation, startups and startups come to mind. Veteran Paul Graham is best known for his 50 million net worth, co-founder of former startup Viaweb (later renamed Yahoo! Store) and Hacker News. In his recent statements at Y Combinator, Graham said that a financial expert friend preferred Ethereum. Some of Graham’s statements were:

A friend of mine, who was never wrong about financial matters, converted 80% of his Bitcoin to Ethereum.

By the way, it is unclear who Graham’s friend who made the statements was. One of his close friends, Fred Wilson (co-founder of New York-based Union Square Ventures), is thought to be not the owner of the disclosures, as he is already an Ethereum investor.

Starups for Ethereum are proliferating

Ethereum ranks first in most recent VC investments. Being able to host different types and trends of innovation causes developers and investors to prefer Ethereum over other blockchain ecosystems. In particular, tokenized jpegs are attracting players to develop points and levels for NFTs to “earn more or be more valuable,” as well as investors who want to step into the NFT industry.

However, the definition of Bitcoin (BTC) as “digital gold” should not be ignored. BTC, which is essentially just a piece of code and has managed to keep it at the top with 0 updates since 2009, is also able to provide a natural protection against inflation due to its limited supply. For this reason, most experts describe Bitcoin as an “ideological struggle” and Ethereum as a “tech toy”. Two cryptos are incomplete without the other.

However, Silicon Valley has started to gravitate towards Ethereum, especially after the block size debate, so for many experts, only ETH plus 20% Bitcoin should get a share of the wallets. Also, the Ethereum supply is now seen as a disinflationary cryptocurrency as it is doing a kind of halving with the amount of ETH burned. According to experts, the increased demand for the ETH side and the limited supply of Bitcoin may reorganize the balance in the markets.

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Michael Lewis


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