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Ethereum could yet surpass Bitcoin’s marketplace stock successful a akin mode to however US equities overtook golden 54 years ago, erstwhile the US abandoned the golden standard, according to BitMEX seat Tom Lee.
“Ethereum could flip Bitcoin akin to however Wall Street and equities flipped golden station 71,” Lee said successful an interrogation with ARK Invest CEO Cathie Wood connected Thursday.
Bitcoin’s (BTC) marketplace capitalization is astir 4.6 times larger than Ethereum’s, lasting astatine astir $2.17 trillion compared to $476.33 billion, according to CoinMarketCap.
Lee brings up the “Nixon Shock” to enactment Ether's argument
Lee, who oversees BitMine’s Ethereum accumulation strategy, suggested Ethereum could emergence successful the aforesaid mode the US dollar roseate to dominance aft 1971, aft US President Richard Nixon made the US dollar “fully synthetic” — no longer backed by gold — creating fears that the dollar modular whitethorn beryllium abandoned.
Ether is down 13.31% implicit the past 30 days. Source: CoinMarketCapLee said that erstwhile that happened, “The contiguous beneficiary was request and a marketplace to ain gold.”
However, successful response, “Wall Street created products that made the dollar dominant, and the marketplace headdress of equities contiguous is 40 trillion compared to 2 trillion for gold,” helium said.
“Dollar dominance by the extremity of that play went from 27% successful GDP presumption but to 57% of cardinal slope reserves, and 80% of fiscal transactions, quotes,” helium said, adding:
“Dollar dominance is going to beryllium the accidental of Ethereum,” helium said, adding this volition beryllium due to the fact that of “everything becoming…tokenized.”
The flippening has been an ongoing statement for years
“So arsenic we determination dollars onto the blockchain, which is stablecoins, we’ll determination stocks and existent estate,” helium said.
However, helium emphasized that it is inactive a “working theory” and that helium remains a Bitcoin bull.
The “flippening,” the thought that Ethereum will 1 time surpass Bitcoin’s marketplace capitalization, has been a taxable of statement for years but has gained renewed attraction successful caller months.
In August, Consenys laminitis Joseph Lubin said that Ethereum volition “surge by 100 times and flip Bitcoin arsenic a “monetary base.”
Related: Ether drops 8%, but traders accidental ETH terms breakout to $10K is ‘loading’
But it came astir the aforesaid clip that Bitcoin advocator and Jan3 laminitis Samson Mow said that Ethereum investors would power backmost to Bitcoin erstwhile ETH prices were precocious enough.
Years earlier that successful August 2021, DeVere Group CEO Nigel Green, “Ethereum’s ascent to the apical of the cryptoverse seems unstoppable.”
“Ethereum is already years up of Bitcoin successful everything but terms and fame,” said Green.
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