Is Bitcoin Poised to Outshine Ethereum? (Perspective)

In May, Bitcoin made significant changes to its transaction approval system. Previously, Bitcoin limited transactions with files larger than 80 bytes using an output called OP_RETURN. The network would automatically cancel these transactions, thus making them unspendable on the network.

However, the Bitcoin Core developer community has decided to remove these restrictions in response to industry demands, allowing for further development. Despite some maximalists viewing Bitcoin NFTs as irrelevant, there is potential for Bitcoin to be integrated into smart contracts on other crypto platforms like Ethereum and Cardano. This development might give Bitcoin an edge over other Layer 1 networks.

Jack Dorsey, founder and CEO of CashApp Block and Twitter, predicts that Bitcoin will reach $1 million in price by 2030 and strongly supports the Lightning Network. A Bitcoin second layer app ecosystem could be a factor in this price prediction.