Dan Morehead, Pantera Capital CEO, stated that Ethers market potential as a newer coin exceeds Bitcoin’s. The executive believes that the EI 1559 will boost ETH’s use cases, making the crypto a somewhat fixed asset.
As the crypto space is full of news about the ETH London hard fork, Pantera Capital executive Dan Morehead predicts that Ether might outpace BTC after the awaited upgrade.
The CEO commented that on Monday during Reuters Forum. He said the EIP 1559 update would help Ethereum to perform like fixed assets.
EIP 1559 is one of the five London upgrades. It will update the ETH’S existing payment structure, reducing transactions fees. It will also alleviate the bidding protocols that allow crypto miners to select the highest bids.
Remember, the update will adjust gas fees, allowing users to pay least for any mined block. With that and other features, EIP 1559 has the potential to make ETH a deflationary asset.
Morehead predicted that most investors interested in long-term investments might prefer Ether to Bitcoin. He also added that shifting to ETH 2.0 will reduce Ether’s mining power needs.
That is vital as Bitcoin has seen massive attacks by the crypto community due to its high electricity requirements. The executive further trusts that ETH’s DeFi application will help the altcoin surpass Bitcoin.
Besides the lucrative predictions for Ether, the Pantera CEO remained pessimistic about BTC’s future. He sees Bitcoin trading in the $80K to $90K range by the end of this year.
Moreover, Morehead noted that increased Bitcoin acceptance would fuel the coin towards $700,000 highs in the coming decade.
Ether is the most valued altcoin launched in 2015. While writing this content, ETH’s market capitalization hovers at $290 billion.
Scheduled to happen on Wednesday, the ETH London fork is a vital upgrade in Ethereum’s platform, shifting to proof-of-stake from proof-of-work.
That means that it will depend on staking rather than mining. Keep in mind that Bitcoin utilizes the PoW consensus.
Meanwhile, Morehead is not the only person that sees Ethereum outperforming Bitcoin. Galaxy Digital CEO Mike Novogratz said the Ether has a chance to be the largest crypto one day.
Will Ethereum ever surpass Bitcoin? Comment below.
