Pantera Capital CEO Dan Morehead has made some bold statements about Ethereum and how it is likely to continue to outperform Bitcoin.
Speaking at the Reuters Global Markets Forum on Monday, the boss of the venture capital firm stated that Ethereum’s potential applications, lower environmental impact, and technical upgrades are likely to help ETH continue to outperform BTC.
Morehead added that, as a more recent token, Ether has further to run than Bitcoin, and the latest upgrade (EIP-1559) will help it trade more like a fixed asset.
“You’ll see a transition of people who want to store wealth, doing it in (ether) rather than just bitcoin,”
Environmentally Friendly Ethereum
The London hard fork, which will ship the deflationary upgrade, is due to be deployed on Wednesday, August 4, 2021. As reported by AltcoinBuzz, it will not result in a reduction in gas costs but the burning of a portion of the fees will result in a reduction in the supply of ETH over time.
Bitcoin’s carbon footprint is being reduced, however, as the mining exodus from China has resulted in operations seeking renewable energy in friendlier jurisdictions such as the U.S. and Canada.
Morehead also made big predictions for Bitcoin, stating that it could end 2021 between $80,000, and $90,000, and rising above $120,000 within a year. Increased mainstream adoption could push it as high as $700,000 in the next decade, he added.
Pantera manages $2.8 billion in blockchain and crypto-related assets, including investments in several crypto exchanges including Bitstamp, and Coinbase.
BTC vs ETH in 2021
Ethereum has already outperformed Bitcoin so far this year. ETH prices have increased by 235% since the beginning of 2021 from $740 to their current levels. The asset hit a peak of $4,350 in mid-May but has since retreated by 43% to trade at $2,475 at the time of writing.
Conversely, Bitcoin started the year at around $29K and has gained just 32.5% to current levels. It peaked at $64,800 in mid-April and has lost just over 40% to current levels around $38,460.
Both have moved in tandem as usual with Bitcoin leading markets but Ethereum has made greater gains, and the Pantera CEO sees more of that to come.
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