Etherealize Co-founder: Bitcoin's Future is Worrisome Due to Security Budget Issues, Ethereum is the Financial Cornerstone of the Future
On May 14, Etherealize co-founder Grant Hummer's post on X stated that Bitcoin's future is worrying due to its security budget issues, while Ethereum, with its decentralized advantages and strong ecosystem, is expected to become the cornerstone of the global financial system.
Hummer warned that Bitcoin's security is facing significant challenges. Currently, the cost to execute a 51% attack on Bitcoin is only $8 billion, and as Bitcoin's market capitalization grows, the proportion of its security budget relative to its market value is decreasing.
When the security budget drops to $2 billion (0.1% of Bitcoin's market value), an attack is almost inevitable, and this issue will become more severe in the next decade. In contrast, Ethereum can withstand similar attacks due to its decentralized characteristics, and its robust ecosystem and layered architecture can fully support higher transaction processing capabilities and broader application scenarios.
Hummer also mentioned that after communicating with executives from traditional finance, he found that processing 1 million transactions per second (TPS) on a single global state machine is not feasible, but this is completely achievable through Ethereum's neutral settlement layer and high-speed L2 networks.
Moreover, Ethereum's stability and maturity far surpass short-term performance improvements, especially in the wave of tokenization of real-world assets (RWA), where 85% of RWAs and most stablecoins have chosen Ethereum as their underlying platform. Hummer believes that traditional financial companies place more importance on stability and maturity rather than slightly faster Layer 1 execution environments.
Hummer also rebutted criticisms of his 'attempt to promote Ethereum', arguing that such a viewpoint is akin to questioning the diverse functionalities of Windows or the internet era. Ethereum, similar to the internet, is a platform that can support various applications and functions, and its ecosystem diversity is a key factor in attracting large-scale institutional adoption.
In summary, Hummer believes that Ethereum is becoming the cornerstone of the global financial system, with its security, decentralized characteristics, and ecosystem diversity being the core advantages driving widespread institutional adoption.
Do you agree with Grant Hummer's viewpoint? Who do you think has more potential, Bitcoin or Ethereum? Leave your thoughts in the comments!
