Mike McGlone, Senior Commodity Strategist at Bloomberg Intelligence, has joined the debate over the possibility that Ethereum (ETH) could use Bitcoin (BTC) as the world’s largest cryptocurrency.
His point related to the great achievements made so far this year on the Ethereum blockchain and the impending chain merger.
To According to McGlone, if Bitcoin catches up with Ethereum’s achievements this year, its price target will tend towards $ 100,000.
“Ethereum in 2021 is Bitcoin Guidance for $ 100,000: Flippening? If #Bitcoin caught the performance of #Ethereum this year, the price of the number 1 cryptocurrency would approach $ 100,000. Although we see Bitcoin this way, little seems to stop the process of flipping Ethereum, ”he said on his official Twitter account.
Ethereum is an open source blockchain network that is used to create decentralized applications and smart contracts. The widespread acceptance of the blockchain for the development of various protocols has largely resulted in network congestion and caused several inherent problems, including high network charges.
To address these challenges, the protocol’s developers had to introduce several changes known as Ethereum Improvement Protocols (EIPs). The newest is number 1559 or the “London Hardfork”. This particular upgrade went live last week and introduced a fee structure that will help contain high volatility. The EIP 1559 upgrade also introduced the element of deflation into the ether coins in circulation, with a total of around 21,065 tokens burned so far.
The broad improvement of the protocols lends credibility to an increased benefit for the blockchain and the Ether-Coin. All of this will fuel the continued adoption of the blockchain among users as well as private and institutional investors. Bitcoin is not known to implement these improvements. The ultimate migration from Ethereum’s current proof-of-work network to a proof-of-stake network (Ethereum 2.0) will finally introduce a scalable and superior network that can adequately support the network’s growth.
It’s a long journey. However, as utility grows, McGlone and a number of pro-altcoin investors believe that flipping is achievable.
Image source: Shutterstock