Investor interest in bitcoin has particularly increased. This, since it proved its ability to serve as a hedge against inflation during the last global economic crisis. This feat has led its proponents to call it a digital version of the traditional safe haven that is gold. While some suggest that ether could also lay claim to this title, BitMex co-founder Arthur Hayes disagrees.
The Ethereum ecosystem does not favor the monetary aspect
Despite a price drop of more than 60% since the start of the year, ether still remains the second most important cryptocurrency. With the approach of the Merge, which will introduce the mechanism of Proof-of-Stake on its native blockchain, many expect a new ETH bull cycle. This feeling also reinforces the idea that altcoin could compete with bitcoin for digital gold title. For Arthur Hayes, such battle is irrelevant given the fundamentals of Ethereum and its core purposes.
He supported his point of view by taking the example of the hard fork suffered by the blockchain in 2017. Mr. Hayes pointed out that Ethereum Classic (ETC), which was born after this event, does not enjoy the support of the community despite a policy oriented towards the monetary aspect. He assures, however, that the main Ethereum developers are engaged in a much nobler fight. ” They made the choice to be the power of the decentralized computer. I believe they continue to hold that view, and that’s why I don’t believe ether is digital gold or the currency of the cryptoverse. “, he concluded.
According to the co-founder of BitMex, ether is just a tool that allows its native blockchain to solve different problems than those identified by bitcoin. It would therefore not be intended to impose itself as a currency or an alternative safe haven.
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