When asked by Kitco News presenter David Lin about the likelihood of Ethereum exceeding Bitcoin in market valuation, Mashinsky said,
“Ethereum already surpassed bitcoin in dollar terms as shown in the total holding of the Celsius community, and I think that the broader market will follow it in the next year or two. We will see that flippening happening in the broader market.”
Celsius Network’s ‘million users’
Mashinsky revealed that when he makes his predictions, “I take a look at the Celsius figures and listen to what the Hodler community at Celsius is telling me every day.” Namely, the CEO of Celsius Networks measures his predictions by how much in dollars a million people hold on the Celsius network and whether they have more in Bitcoin or more in Ethereum.
“Ethereum surpassed Bitcoin in the last month or two. The first time that our million users had more than [Bitcoin] $17billion in deposits, the total was held in dollar terms in Ethereum.”
Mashinsky discussed the use case for Bitcoin is its store of value. In contrast, the use case for Ethereum is yield, and yield in his opinion as an application has a broader user base with more people vying for yield than those who seek to move value from fiat to Bitcoin.
Greater ETH adoption in the future
In the view of Celsius’ CEO, you will see broader adoption of Ethereum over Bitcoin; however, both of them are unique applications and blockchains that will both experience greater adoption in the future; one will surpass the other.
Generally, Mashinsky believes layer two solutions solved ETH’s problems near term. Still, ETH 2.0 will be a significant and incremental improvement down the road enabling both solutions to work in tandem.
Over the weekend, Ethereum went beyond the $2,300 barrier for the first time since mid-June, following significant capital outflows last month; hence Ether is anticipated to gain further traction as the EIP-1559 blockchain update approaches.
Ethereum’s eclipse of Bitcoin in total daily active addresses may indicate that Bitcoin is losing its status as the world’s leading cryptocurrency.
Nevertheless, BTC retains its market dominance of 44.85%, whereas ETH has a market dominance of 18.3%, according to CoinMarketCap.com.
Related video: Ethereum ‘flippening’ happening now; Mashinsky talks $100k+ BTC this year, quantum computer threats
Featured image via Kitco YouTube