Messari Analyst: Ethereum Will Overtake Bitcoin After ETH2.0 Upgrade

Messari, an analyst specializing in digital asset investment research, predicted that with the launch of the upgrade of Ethereum ETH2.0, Bitcoin's position in digital currency may be replaced by Ethereum earlier.

Ryan Watkins said in an interview with the YouTube channel "Fintech Today" that he believes that after the ETH2.0 upgrade, Ethereum will soon replace Bitcoin as the top cryptocurrency.

Watkins, a senior research analyst at Messari, an online data provider of encrypted assets that aims to increase the transparency of public digital assets, also acknowledged that the first cryptocurrency has advantages.

Watkins pointed out that "Bitcoin’s selling points as a store of value asset compared to Ethereum’s are its unpredictable monetary policy and highly secure Bitcoin blockchain。” 

Nonetheless, the analyst believes that no matter how big Bitcoin's boundaries are,The implementation of ETH 2.0 based on Ethereum’s Proof of Stake replacing traditional Proof of Work has the potential to make the Ethereum blockchain more secure.

Additionally, Watkins noted, “Ethereum’s monetary policy will actually change with ETH 2.0. So not only will it be less inflationary than Bitcoin, it will even be deflationary. As it is burned after use, Ethereum Every year it gets less and less."

In ETH2.0, every ether used in the Ethereum blockchain is burned after being used. this leads toEthereum is deflationary rather than inflationary like Bitcoin. This policy will be enabled by the implementation of EIP-1559, which is scheduled to go live in July.

Therefore, Watkins believes that once EIP-1559 is implemented, Ethereum may surpass Bitcoin.

Watkins asked when discussing two potential advantages of ethereum over bitcoin, “if ethereum is safer and monetary policy is more powerful, then, in this case, what else can push bitcoin up ?”

Also, security and better monetary policy are not the only reasons why Ethereum is overtaking Bitcoin,Ethereum is clearly more diverse than Bitcoin. Because creating and using decentralized applications (or "Dapps") on Ethereum will attract more people to adopt the Ethereum blockchain.

Other analysts, such as Prakash Chand, agree with Ryan Watkins' forecast, but some disagree. Richard Tall, a corporate finance lawyer, pointed out that "...there is still room for both of these situations to develop at present, and Ethereum will not surpass Bitcoin in terms of current conditions."

The future looks good for Ethereum, and so far, surpassing Bitcoin seems like a feasible feat.

Nonetheless, it is worth noting that just last weekThe original text comes from zybcrypto, compiled and organized by Blockchain Knight, the English copyright belongs to the original author, please contact the compiler for Chinese reprint.

The original text comes from zybcrypto, compiled and organized by Blockchain Knight, the English copyright belongs to the original author, please contact the compiler for Chinese reprint.