Pantera Capital backed Ether Machine’s founder Andrew Keys says that Ethereum has outperformed Bitcoin in the last 10 years. He said that he does not hold any Bitcoin and he would rather have an iphone than a landline.
He said that investors would have made more money by investing in Ether than Bitcoin. In his interview with CNBC he said that he is an Ethereum Guy and does not own any Bitcoin.
Keys appeared on CNBC’s Squawk Box on Monday. He commented,
“The price of Ether per Bitcoin over the past decade has materially improved. Over the last decade, since Ethereum started, you would be 50x wealthier [had you owned it since then]”
Keys Link To Ether Machine
He serves as the chairman of Ether Machine, the firm that plans to launch its institutional Ether fund of 400,000 ETH valued at a whopping $1.5 billion. This would significantly exceed the current ETH treasury holdings of Bitmine (300,000) and SharpLink (280,000).
Ethereum stands to gain the most from the GENIUS Act, given that the majority of stablecoins are deployed on its platform.
He further praised Ethereum,
“Ethereum is experiencing power law dynamics where 90% of tokenized assets are deployed on Ethereum, similar to the power law dynamics of Google where 90% of searches happen with Google.”
Misrepresenting Bitcoin
The comparison of Bitcoin and Ethereum by Andrew Keys is far from real. The numbers for both the cryptocurrencies are vaguely miscalculated and come from a personal bias towards the assets. Bitcoin was created in 2009 and the very famous transaction done using Bitcoin was the programmer, Laszlo Hanyecz who ordered two large pizzas from Papa Johns for 10,000 Bitcoins. It is interesting to note that Bitcoin was not listed on any exchange but the trading price of BTC was $0.004 at the time.
The price of Bitcoin went to $0.005 when it was trading on the now defunct Mt. Gox exchange in 2010. The asset’s price has appreciated by 234 times.
Ethereum got its start more than six years after Bitcoin, with its genesis block launching in July 2015. At that point, Bitcoin was already trading at $280.
Recent performance adds a new dimension to the discussion around Ether and Bitcoin. Ether (ETH) has yet to reach a new all-time high this market cycle, remaining 23% below its 2021 peak of $4,878. Its price has largely traded sideways since 2022.
In contrast, Bitcoin (BTC) achieved a new all-time high on July 14th and has gained 78% since its own 2021 cycle peak.
Ether Machine IPO On The Anvil
The firm is all set to start offering Ethereum institutional funds to users wanting to invest in ETH. Backed by Pantera Capital, The Ether Machine is going public through a merger with the blank-check company Dynamix Corporation, and will be listed on the Nasdaq under the ticker symbol ETHM.
Capital Flows Into Ethereum
Jeff Mei, COO, BTSE exchange told Cointelegraph,
“Investors are rotating into Ethereum en masse, which explains its sustained rally over the weekend.”
He added that it was clear that momentum has shifted toward Ether, which “makes sense as Ethereum is still trading well below its all-time highs and traders believe it will close the gap in the coming months.”
Additionally, Bitcoin has seen more retail and institutional adoption in the last few years while Ethereum has been used for building and scaling businesses.
Comparing Bitcoin and Ethereum is like comparing apples and oranges. Both assets have their supercycle in the market.
Bitcoin has proven to be the digital gold and despite it not having the same utility as Ethereum does, it still sits with more than 50% market capitalization.
Additionally, Bitcoin has seen more retail and institutional adoption in the last few years while Ethereum has been used for building and scaling businesses.