BlockBeats reported on May 10 that Nick Tomaino, founder of 1confirmation, stated on X, 'Ethereum will flip Bitcoin (ETH will flip BTC)'
Bitcoin is the first cryptocurrency created by the people, for the people. Driven by grassroots spirit and bottom-up belief, it has grown from nothing to an asset with a market capitalization of over $2 trillion. The idea of storing value based on trust in mathematics rather than in people has changed the world, but today Bitcoin has become the preferred institutional asset for large companies and governments. One entity owns over 2.5% of Bitcoin. There are no practical applications built on Bitcoin to attract newcomers. Aside from storing value, Bitcoin has no other use cases to expand the market.
Ethereum is a credible neutral, internet-native store of value asset that supports a development platform encompassing stablecoins, decentralized finance (DeFi), NFTs, prediction markets, decentralized social, and decentralized identity, among others. All new use cases that have driven the growth of the crypto space over the past decade are built on Ethereum, and these use cases are growing. These use cases attract newcomers, distributing Ethereum as a store of value and making Ethereum scarcer.
Maximalists claim there will only be one credible neutral, internet-native store of value asset. They are very much mistaken. There will be many such assets in the future, but currently there are only two viable options: Bitcoin and Ethereum.
