According to ConsenSys CEO Joe Lubin, ETH will have ‘Orders of Magnitude' greater than BTC.
In the long run, Ethereum and its native currency will be “orders of magnitude” larger than Bitcoin, according to Joe Lubin, co-founder of ConsenSys.
The executive also mentioned the imminent London Hard Fork and the transition to ETH 2.0, as well as the fact that the widely used blockchain network will become 1,000 times greener.
ETH is expected to outperform BTC in terms of market capitalization.
The cryptocurrency community has been debating for years whether any cryptocurrency (particularly ETH) can ever overtake BTC in terms of market capitalisation.
Although none have come close to conquering the largest digital asset, others feel that the second-largest – ETH – may do so in the future.
Joeseph Lubin, the co-founder of Ethereum, lent his support to the so-called "flippening" event. Lubin, who is also the CEO of ConsenSys, spoke to Bloomberg TV on the advantages of Ethereum versus Bitcoin.
He highlighted that the former's blockchain has grown more widely used than the latter's in recent years, owing to a higher number of transactions, tokens developed on top of it, and development activity on Ethereum than on Bitcoin.
He referred to ETH as a "crypto-fuel," which has the properties of a cryptocurrency but is used to pay for network transactions and storage.
He admitted that Bitcoin has a "great use-case," calling it a "fractionalized NFT in its own right that many people can possess."
Ethereum, on the other hand, is a platform for decentralized applications that will eventually overtake Bitcoin.
“Essentially, you're asking if the next-generation Internet or the next-generation economy will be larger than a limited money system. So, sure, I believe it will grow by orders of magnitude over time.” said Joe Lubin remarked - Bloomberg.
Lubin on the London Hard Fork and ETH 2.0
The Ethereum network is set to receive a major upgrade today, August 5th, as CryptoPotato just announced.
The London Hard Fork will bring fresh upgrades to the system, with the goal of lowering network fees and speeding up transaction processing.
When the blockchain is finished, it will begin burning ETH tokens in order to reduce gas costs.
This, according to Lubin, is a step in the right direction that will make ETH into "ultra-sound money," especially given the "enormous demand" for the coin prior to the hard fork.
The improvement, according to ConsenSys' CEO, is a crucial step on the way to Ethereum 2.0.
Lubin said, "yeah, that's right," to the issue of whether ETH 2.0 will actually reduce energy consumption by a factor of 1,000, as Vitalik Buterin previously promised.