The CEO of independent financial advisory firm deVere Group believes the price of ethereum will surpass that of bitcoin “within five years”. In his view, ETH has more utility and boasts much higher demand.
As reported by CityAM, deVere Group CEO Nigel Green wrote that ethereum is outperforming bitcoin in terms of price action, with its price up 240% so far this year, “compared to less than 38% for bitcoin.” Green added that ETH “has outperformed all other major assets in the first six months of the year.”
Two key factors why ETH would “outperform” BTC
Director deVere pointed to two key factors that he believes are behind why ethereum will outperform the king of cryptocurrencies over time. One is the “higher level of potential for real-world use” of the digital asset, as Ethereum is “the most desirable developer platform for smart contracts. “
The second factor, according to Green, is investor enthusiasm for Ethereum 2.0, which will help scale the network to handle more transactions per second and move it to a Proof-of-Stake (PoS) consensus algorithm.
Green also stressed that Ethereum has a technological advantage over BTC, before adding:
“Ultimately this will mean that the value of ETH will exceed that of bitcoin – probably within the next five years. At the same time, I am confident that bitcoin will reach and even exceed its previous record high price of $65,000 as of mid-Aprilby the end of 2021.”
Green added that, of course, the road to ethereum surpassing bitcoin will not be strewn with roses. However, in his opinion, ETH’s assumption of the throne of the world’s most valuable cryptocurrency “seems unstoppable.”
It is worth noting that at the end of last year, Green predicted that bitcoin’s price rise would last until the end of the year. BTC’s exchange rate against the dollar was soaring until May this year, when bitcoin reached a new all-time high near $64,000.
You might be interested in:
From the Editor</h4>
This article neither in whole nor in part constitutes a “recommendation” within the meaning of the Act of 29 July 2005 on trading in financial instruments or Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (Market Abuse Regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC and Commission Delegated Regulations (Ue) 2017/565 of 25 April 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council as regards organisational requirements and operating conditions for investment firms and defined terms for the purposes of that Directive. The content contained on the website does not meet the requirements for recommendations within the meaning of the aforementioned Act, inter alia, it does not contain a specific valuation of any financial instrument, it is not based on any valuation method, and it does not specify the investment risk