American businessman Fred Wilson, who is famous for co-founding Union Square Ventures, has some words of praise for Bitcoin, the world’s leading cryptocurrency. However, he has had a change of heart about Ethereum.
Ethereum’s fading luster
In his recent blog post, which is entitled “Some Thoughts On Crypto,” Wilson alleges that Bitcoin is the only cryptocurrency that stood the test of time. He believes that not a single cryptocurrency could replace Bitcoin as a store of value.
There are some protocols, like the privacy-focused ones, that offer similar and in some cases better use cases. But for the most part, Bitcoin is our digital gold.”
When it comes to Ethereum, Wilson is less optimistic, claiming that it suffers from scaling issues. In 2017, during the peak of the “flippening” hype, Wilson predicted that Ethereum’s market capitalization would surpass that of Bitcoin, but Ether has never managed to touch the king’s crown.
As reported by U.Today, ETH is on the cusp of forming a bearish “death cross” pattern that could send its price into freefall.
The adoption problem
It appears that Ethereum is not the only disappointment in Wilson’s book. The renowned venture capitalist is particularly upset with the lack of regulatory progress around the globe, which in turn allowed Asia to assert its dominance in the crypto industry.
Wilson also admits that crypto is yet to break into the mainstream with people only willing to speculate on its price.
Very few spend in crypto. Very few use Dapps. Very few do anything with crypto other than buy, sell, and mostly hold.