By
Temitope Olatunji
April 26th, 2024
O’Leary added that Ethereum will always be used as a tracking system. Meanwhile, ETH has established a new ATH over $2,700.
Canadian businessman Kevin O’Leary thinks Bitcoin will always be the crypto king and equated to gold while Ethereum will always be the second one and equated to silver. “I just believe that to be the case. Bitcoin will always be the ‘gold.’ Ethereum will always be the ’silver.” And “that’s not a bad thing necessarily,” said O’Leary.
O’Leary who has been a long-time critic for cryptocurrencies, particularly due to their energy consumption, recently announced that he has allocated 3% of his portfolio to Bitcoin.
According to him, more institutional investors are flocking into the cryptocurrency industry to further investigate the technology and other aspects of digital currencies. “Now, bitcoin hitting new highs almost every week is proving that interests are being brought out of all kinds of institutions now trying to figure out: Is it a currency? Is it an asset? Is it a property?” O’Leary said.
O’Leary further added that Ethereum (ETH) will always be used as a tracking system, particularly the smart contract aspect of the Ethereum ecosystem. Additionally, he said that the asset will gain more users as a payment system even though it is experiencing high transaction fees due to network congestion.
Bitcoin (BTC) and Ethereum (ETH) Head-to-Head in Respect to Kevin O’Leary
Bitcoin (BTC) and Ethereum (ETH) are the top two largest digital assets by market capitalization. Both deploy blockchain technology, whereby they have in the past years been running on proof of work concepts. However, due to network congestion, Ethereum developers have embarked on a journey to upgrade the current chain to a proof of stake concept. Whereby the Ethereum community can be engaged in as a validator and earn more ETH coins. In exchange, the validators help with securing the system.
According to market aggregate data provided by CoinGecko, Ethereum (ETH) experienced a higher volatility in the past seven days than Bitcoin did. Notably, Ethereum (ETH) was up approximately 15.1%, and 5.5% in the past seven days, and 24 hours respectively. Whilst Bitcoin was up approximately 0.5%, and 0.4% in the past seven days and 24 hours respectively.
Bitcoin and Ethereum remain one of the most widely used digital assets and have attracted different views from the global community. Previously, O’Leary was quoted saying he cannot purchase any Bitcoin mines from China as the country uses coal energy. He stated that he can only purchase Bitcoin from known sources and must be mined through clean energy.
Ethereum developers seek to navigate these challenges through the introduction of proof of stake that will allow people to become validators and earn passively. As a result, Ethereum has recently scaled higher and achieved its all-time high consecutively for the past two days.