Pantera Capital CEO Dan Morehead has identified reasons why the second-largest asset by market cap, Ethereum, may outperform the flagship asset, Bitcoin, citing its potential applications, the reduced environmental effect, and the technical updates it would be seeing.
While speaking to Reuters, Morehead noted that ETH holds more potential when compared against its more illustrious counterpart. He continued that the coming EIP 1559 upgrade could see Ethereum become a fixed asset. This, he believes, would make people “transition” into the use of the asset as a “store of wealth.”
Ethereum’s London Hard Fork is expected to go live by August 3. This upgrade would see the blockchain of the network have access to a reduced transaction fee alongside other notable feature upgrades while also helping to reduce the environmental impact of mining the digital asset.
Pantera’s CEO Predicts Bitcoin Price to Reach $700,00
In Pantera’s projection, Bitcoin will reach as high as $80k to $90k before the end of the year. However, if the flagship crypto asset were to witness a massive institutional adoption, its value could reach as high as $700,000 within the next decade.
According to Morehead, the current price decline of the leading asset has also drawn the attention of more institutional investors. He highlighted the fact that his firm, Pantera Capital, has drawn the attention of institutional investors who see the current price of BTC as a “buying opportunity.”
In his view, the increased regulatory scrutiny the crypto industry is facing is only a “transition phase.”