Ethereum Competitors Prediction Amidst Bitcoin Replacing Gold Narrative | CryptoGazette
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There have been all kinds of optimistic predicitons about the prices of digital assets these days, despite the price corrections in the market.
Now, it’s been revealed that the CEO of crypto investment fund Off The Chain Capital predicts that Bitcoin (BTC) will replace many traditional assets and that most Ethereum competitors will ultimately be shaken out.
In a new interview with Real Vision, Brian Estes said that the king coin is like a black hole that sucks in value.
“Bitcoin is the winner for proof of work and what that means is that Bitcoin is becoming the monetary layer of the world. It’s replacing gold as the monetary layer…”
He continued and said:
“It’s sucking in value of gold right now, and I think there’s the potential of it sucking in value of anything that’s a store of value: so, rare art, rare cars, eventually maybe bond market and especially negative-yielding bonds, and real estate. Well, I think the value of that store value will get sucked into Bitcoin.”
While Bitcoin is definitely dominating proof of work, Estes said that things are different for proof of stake (PoS) blockchains.
A shakeout among ETH competitors
He predicted that there will be a shakeout among Ethereum (ETH) competitors.
ETH is currently switching to a proof of stake model.
“You have Solana, Tezos, all these other thousands of proof of stake blockchains. We don’t know which ones of those will be the winner yet.”
He also said:
“Binance Smart Chain and Solana have been taking a significant amount of market share away from Ethereum because Ethereum is slower and expensive and Binance Smart Chain and Solana are much faster and cheaper.”
Regarding the price of ETH these days, at the moment of writing this article, ETH is trading in the red and the coin is priced at $3,766.
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