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Ethereum has already surpassed Bitcoin in dollar value, says Celsius Boss | Invezz


invezz.com 06 July 2021 14:55, UTC
Reading time: ~2 m

Celsius CEO Chief executive officer Alex Mashinsky has added his opinion about the Bitcoin and Etherem debate. According to him, Ethereum (ETH/USD) has overtaken Bitcoin (BTC/USD) when it comes to dollars.

He was asked about the chance of Ethereum overtaking Bitcoin in market valuation, he responded in the affirmative, saying ETH is doing a very good job in that aspect. He said,

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Ethereum already surpassed bitcoin in dollar terms as shown in the total holding of the Celsius community.

Ethereum to overtake Bitcoin in the wider market

Mashinsky added that Ethereum is expected to overtake Bitcoin in the wider market in the next two years, after outperforming Bitcoin in dollars.

Mashinsky was looking at the Celsius figures when making his prediction for the market. He is comparing Bitcoin with Ethereum by how much of the dollar value a million people hold in the former compared to the latter.

He is using the network to compare whether the number of Ethereum users far outnumber the number of Bitcoin users on his network.

Mashinsky reiterated that the last two months have seen Ethereum surpassing Bitcoin in that aspect. It has been the first time a million users have had over $17 billion in Bitcoin deposits, but in dollar terms, Ethereum has been higher.

More adoption of Ethereum over Bitcoin in the future

Mashinsky also commented about the use of Bitcoin as a store of value. He argued that Ethereum has a better use case than Bitcoin, which could be a major determinant for the future of both crypto assets.

He has echoed the thoughts of other market analysts who see Ethereum surpassing Bitcoin in the future when it comes to the number of users as well as the value of the cryptocurrency.

According to Mashinsky, the use case for Ethereum is broader as more people are vying for yield than those who seek more value for Bitcoin. He concluded that there will be a broader adoption of Ethereum than Bitcoin in the future because of the use case of the former.

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