Pantera Capital CEO Dan Morehead believes that the launch of the second version of Ethereum will help ETH surpass BTC and become the largest cryptocurrency. According to a Reuters publication citing Dan Morehead's speech at the Reuters Global Markets Forum, the CEO of Pantera Capital believes that ETH has the potential to surpass BTC and become the largest cryptocurrency.
This will be helped by the wider application of Ethereum, lower environmental impact after the transition to PoS, and technical improvements.
"We will see people moving to ETH to preserve their capital,"says Morehead.
He added that the rollout of Ethereum 2.0 and the move to Proof of Stake (PoS) consensus will significantly reduce Ethereum's energy consumption compared to Bitcoin. The widespread use of Ethereum in decentralized finance (DeFi) applications will also help ETH surpass BTC in capitalization, he said.
Regardless, Morehead remains optimistic about BTC's upside potential. He suggested that by the end of 2021, Bitcoin will be trading for $ 80,000- $ 90,000, and within a year it will rise to $ 120,000. Rapid mass adoption could further push the price of BTC, all the way to $ 700,000 in the next decade.
Ethereum is scheduled to roll out a major update this week - the London hard fork. However, Ethereum developer Tim Beiko said that after the update, some tokens will become completely useless.