Nigel Green, CEO of one of the world’s largest financial institutions, believes Ethereum will outperform Bitcoin in the long run. The CEO, who has always been a proponent of cryptocurrency, believes that in the future, the second leading cryptocurrency will outpace the pioneering cryptocurrency. According to Green, Ethereum has already outperformed bitcoin for the year. Using percentages from the performance of the two most important cryptocurrencies on the market.
“It is up about 240 percent this year. While Bitcoin is up less than 38%. In fact, in the first half of this year, it outperformed all other benchmark assets. Ethereum is outperforming Bitcoin and is expected to do so for the remainder of 2021.”
The driving force behind this prediction is Ethereum’s use case applications. “First and foremost, Ether has a higher level of real-world application potential,” Green explained. “Because Ethereum, the platform on which it is based, is the most in-demand development platform for smart contracts. As a result, the network’s value is highlighted as more than just a platform for developers. However, as a global financial utility.”
This demonstrates Ethereum’s expanding use case in the DeFi space. The majority of DeFi-related decentralized apps (DAppsa) are built on Ethereum. In addition to the vast majority of NFTs being minted in the thriving NFT trade. These use cases place Ethereum at the forefront of future blockchain development.
Ethereum 2.0 Will Accelerate Blockchain Technology
The CEO emphasized the advantages of the Ethereum blockchain over the Bitcoin blockchain. When compared to Bitcoin, Ethereum’s network already provides faster transactions. And, with the upcoming transition to ETH 2.0, it will outperform Bitcoin in terms of performance and use cases.
“Ethereum is more useful than Bitcoin and has technological advantages over its more well-known rival,” said the CEO. “Ultimately, this will mean that its value will surpass that of Bitcoin – most likely within the next five years.”
One of the most anticipated upgrades in the crypto space is the transition from proof of work to proof of stake. If the ETH 2.0 upgrade is successful, the Ethereum network will use significantly less power to mine blocks. To be more specific, mining consumes approximately 99 percent less energy. Removing one of the most significant bottlenecks in the crypto mining industry.
Bitcoin is still a buy.
The CEO’s predictions continue to have no impact on his stance on Bitcoin. The crypto enthusiast has always been optimistic about cryptocurrency in general. Last month, he stated that “crypto is the unavoidable future.”
Green’s attitude toward Bitcoin remains positive. The CEO predicts that the price of Bitcoin will reach a new all-time high before the end of the year. “That said, I remain confident that Bitcoin will reach, if not exceed, its all-time high of $65,000 set in mid-April by the end of 2021.”
Nigel Green also admitted that Ethereum’s path to the top will be fraught with difficulties. As a result, the CEO concluded, “Of course, there will be peaks and troughs along the way.” However, Ethereum’s ascension to the top of the cryptoverse appears unstoppable.”