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Nexo Co-Founder Declares: Ethereum Won’t Beat Bitcoin After Merge Upgrade

Nexo Co-Founder Declares: Ethereum Won’t Beat Bitcoin After Merge Upgrade

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Answer Nexo Co-Founder Declares: Ethereum Won’t Beat Bitcoin After Merge Upgrade

After the merger upgrade is completed and successfully completed, the Ethereum community is optimistic about this new upgrade and sees it as the best way to reduce the supply of Ethereum and make it a more shrinking asset. Some even expect that Ethereum will beat Bitcoin over time.

According to Anthony Trenchev, co-founder of crypto lending platform Nexo, the Ethereum merger is the most important thing that happened in the history of Ethereum.

However, he does not believe that this will help Ethereum to overtake Bitcoin as the dominant digital asset.

The CEO also expects the price of Ethereum to rise when people realize the benefits of moving to Proof of Stakes (PoS), but not immediately after it happens.

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Bitcoin will stay on top

The switch of Ethereum from PoW to PoS, which occurred earlier today (September 15), has caused many discussions over the past several months.

Experts have studied how the Ethereum project and the entire industry will benefit from the upgrade, but some have warned that it could become a “rumor buy, news sell” event.

In a recent interview with Bloomberg, the co-founder and managing partner of Nexo clarified that the focus now should be on considering the environment the Ethereum network will have from now on, and that Ethereum will transition from essentially an inflationary asset type to a deflationary one.

However, he believes that even after the merger, Ethereum had no chance of stealing Bitcoin’s supremacy.

Trenchev added that he is incredibly bullish about Ethereum and is keeping it in his wallet for the long term.

He admitted to increasing his exposure to Ethereum a few months ago, predicting that the coin’s price would rise after switching to PoS.

But unlike some individuals who expect a sharp rise in Ethereum’s valuation right after the event, the CEO of Nexo believes that it will take some time.

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Where he stated:

People should first realize the use cases of this development, and then price hikes can follow and come.

He further added:

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I bought when Ethereum was around $1300, rolled it up to $2000, and now it’s around $1600.

There’s a case to be made that a lot of the hype has already been priced in, so there could be a slight drop, but I think in the end, once people see the benefits, that’s going to play a very bullish role in the medium and long term.

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