Famous trader and CryptoCobain analyst shared his thoughts on the potential threat that Ethereum (ETH) poses to Bitcoin (BTC).
CryptoCobain talks about ETH and BTC
IN conversation With the CEO of Three Arrows Capital, the analyst explained how Ethereum could disrupt the Bitcoin boom.
CryptoCobain suggests Ether could overtake BTC in the long term in terms of market capitalization.
– I think a lot of the people who keep Bitcoin now are in the hodler camp. In the worst case, they will say: “We should also buy Ether” (…). In the long run, it seems to me that Ether is the threat to Bitcoin – He said.
In the opinion of CryptoCobain, Ether will take part of BTC’s market cap, but only completely threaten Bitcoin if it is able to sustain the process.
– I think a distraction [od BTC na rzecz ETH] it is inevitable now, but I think it will be temporary – he said and added that the peak on the ETH chart will take place after Bitcoin reaches its peak.
Ethereum is the early internet
CrytpoCobain compares Ethereum to the early internet. Users of the latter thought it would exist alongside things like radio and television, but eventually new technology swallowed up these media.
– The total market for things for Ethereum is just gigantic. Even if Bitcoin does make a difference as a form of digital gold, the market capitalization of gold is still lower than the total market for everything. For example, all the money. When the internet was launched, people misunderstood it, they thought it was an additional channel … instead of realizing that the internet was the new medium for all channels … Bitcoin for digital gold, i.e. a store of value He explained.
CryptoCobain adds that institutions will increasingly buy Ether as it gains recognition as a legitimate asset alongside Bitcoin.
– I think you will see some institutional Ethereum adoptions soon. (…) I think there will be some exercise, [a my] we will see a few cold wallets move and allocate in Ethereum – added.