Since its inception eleven years ago, Bitcoin has practically reigned alone over the crypto world. Maintaining its position as the most important cryptocurrency on the planet, both for its price, and for its fame inside and outside the crypto community. Which, however, has not prevented speculation from arising around which currency could eventually replace BTC. And for Peter Schiff, Ethereum will overtake Bitcoin as discussed in the Tweet of the day:
Bitcoin vs. Ethereum?
Bitcoin is probably one of the few cases in history where the first version of a technological product remains the dominant version in the market for a long time. Well, despite the fact that hundreds of new cryptocurrencies have emerged throughout the world over the years, Bitcoin continues to be the queen of the crypto world.
This can be easily observed not only in the price of Bitcoin, which far exceeds that of the cryptocurrencies that follow in popularity, Ethereum and Binance Coin. If not also in its participation in the market capitalization of the crypto world, currently representing 44.38% of the entire cryptocurrency market, well ahead of the second place, Ethereum, which owns only 18.46%.
However, for the well-known critic of cryptocurrencies, Peter Schiff, Ethereum will overtake BTC and will become the most important cryptocurrency in the world, before Bitcoin manages to surpass gold as an asset store of value worldwide. As he has explained on his Twitter account:
«While most cryptocurrency buyers realize that Dogecoin is a joke, they don’t understand the joke when it comes to Bitcoin or Ethereum. But as crypto speculators move onto Ethereum, they must sell BTC to finance its operations. Instead of Bitcoin beating gold, it can be Ethereum beating Bitcoin».
Thus, Peter Schiff not only once again demonstrates his contempt for cryptocurrencies. Comparing projects with a long history like Ethereum and Bitcoin to a virtual prank currency like Dogecoin. If not, it also questions BTC’s dominance over the market, suggesting that it could end soon.