Bloomberg Intelligence’s Senior Commodity Strategist, Mike McGlone, has weighed in on the debate about the possibility of Ethereum (ETH) flippening Bitcoin (BTC) as the world’s largest cryptocurrency.
His point was drawn on the major achievements attained in the Ethereum blockchain thus far this year and the upcoming chain merger.
According to McGlone, if Bitcoin were to catch up with Ethereum’s achievements this year, its price target will tend toward $100,000.
“Ethereum in 2021 Is Bitcoin Guidance for $100,000: Flippening? If #Bitcoin were to catch up to #Ethereum’s performance this year, the No. 1 crypto’s price would approach $100,000. Though we see Bitcoin on that path, there appears little can stop the process of Ethereum flippening,” he said via his official Twitter account.
Ethereum is an open-source blockchain network through which decentralised applications and smart contracts are built. The broad adoption of the blockchain for the development of various protocols has largely caused congestion on the network, stirring several inherent problems, including high network fees.
To solve these challenges, the developers behind the protocol have had to introduce several changes dubbed Ethereum Improvement Protocols (EIPs). The latest has the number 1559, or the “London Hardfork”. This particular upgrade went live last week, and it introduced a fee structure that will help curtail high fluctuations. The EIP 1559 upgrade also introduced the element of deflation into the Ether coins in circulation, with a total of about 21,065 tokens burnt thus far.
The broad improvement in the protocols lends credence to a boosted utility for the blockchain and the Ether coin. All these are bound to promote the continued embrace of the blockchain, both by users and retail and institutional investors. Bitcoin is not known to implement these improvements. The ultimate migration from the current Proof-of-Work network by Ethereum to a Proof-of-Stake network (Ethereum 2.0) will finally usher in a scalable and superior network that can adequately support the network’s growth.
It is a long journey. However, with increasing utility, McGlone and a number of pro-altcoin investors believe this flippening is achievable.
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