Pantera boss: Upcoming Ethereum catalyst could cause ETH to outperform Bitcoin | CryptoSlate


Dan Morehead, the Chief executive officer of Pantera Capital, an American hedge fund that focuses on crypto investments, has said that Ethereum could outperform Bitcoin in the near future. He made this disclosure during a recent interview with Reuters.

Ethereum holds enormous potential

According to Morehead, Ethereum’s potential, plus the number of applications that run on its blockchain coupled with its lower environmental impact could help it flip its more illustrious counterpart.

How To Get Free Crypto  

The Pantera CEO continued that the Ethereum Improvement Proposal (EIP) 1559 upgrade that is scheduled to go live on Wednesday will help the second largest crypto asset by market cap to become a tradable “fixed asset.”

According to him, people looking to use cryptocurrencies as a store of value would begin to see Ethereum as a more viable option than Bitcoin. In his words, “you’ll see a transition of people who want to store wealth, doing it in ETH rather than just Bitcoin.”

EIP 1559 is an Ethereum upgrade that looks to help reduce the huge transaction fees that ETH’s blockchain tends to charge. It is also looking to move the network to a Proof of Stake (PoS) network which would drastically reduce the level of energy usage during mining of the asset.

Bitcoin will rise to $700,000

However, he added that he sees Bitcoin finishing the year strongly. Morehead predicted that the price of the leading digital asset could finish the year between $80,000 and $90,000 while also noting that the coin’s value could rise above $120,000 in a year. He also hinted that an increase in institutional adoption would push its price to as high as $700,000 within the next 10 years.

Coinbase Banner  

Morehead also spoke about the level of institutional adoption Bitcoin has seen recently. To him, despite the huge drop in the asset’s value since April and its inability to regain its previous heights, his firm, Pantera Capital, has still been able to draw in more institutional investors who have seen the current price decline as an opportunity to buy into the space.

And on the increased regulatory scrutiny the industry is facing, he says it is a “transition period.” Recall that Bitcoin mining has faced some level of hostilities from Chinese authorities who have cited economic concerns for their crackdown on mining operations within their jurisdiction.

Get an edge on the cryptoasset market

Access more crypto insights and context in every article as a paid member of CryptoSlate Edge.

On-chain analysis

Price snapshots

More context

Join now for $19/month Explore all benefits

Like what you see? Subscribe for updates.

Go to Source
Author: Oluwapelumi Adejumo

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.