Cathy Wood: Ethereum is undervalued compared to Bitcoin
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Answer Cathy Wood: Ethereum is undervalued compared to Bitcoin
The Bitcoin vs Ethereum debate has been going on for years and is getting stronger as the market grows even more.
Pitting the two biggest cryptocurrencies against each other was one of the greatest entertainments on the market.
However, not everyone shares the idea that they are rivals.
Cathy Wood, CEO of ARK Invest, is known in the crypto space for giving an outlook on Bitcoin, but she doesn’t talk about Ethereum much.
Wood had previously predicted that the price of Bitcoin would reach half a million dollars.
The CEO has always expressed her belief that Bitcoin is still greatly undervalued and has a lot to do in the years to come.Read:The BEAM project is preparing to implement the second major update of the network and reveals its date
However, Wood noted that the No. 1 altcoin Ethereum is undervalued compared to Bitcoin.
Ethereum is undervalued:
Wood spoke on CNBC’s “Squawk Box” about the cryptocurrency market.
On the show, Wood told Ethereum that Ethereum was still undervalued.
I put this in comparative perspective with Bitcoin, the largest cryptocurrency on the market, which you believe is still undervalued as well.
Wood explained that although Bitcoin is undervalued, Ethereum is still undervalued compared to it.
One of the main reasons why Wood thinks so is the decentralized finance projects that have achieved remarkable success in the recent period, as well as the non-fungible tokens.
As Wood commented on this by saying:
The fact that Ethereum has become the venue, or protocol, for DeFi and NFT suggests to us that it is undervalued even than Bitcoin, just because there are new worlds arising on top of it.
Ethereum is still in its infancy and has a long way to go.Read:Twitter founder reveals his plan to help cryptocurrency adoption
Wood still believes that the Bitcoin currency will reach record numbers and levels in the future.
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