|

VC Fred Wilson slams Ethereum: “Bitcoin is our digital gold”

  • Network challenges continue to hold Ethereum back according to Wilson.
  • Ethereum is a difficult platform to build on and developers are looking elsewhere.
  • Wilson affirms that Bitcoin is digital gold beats all other digital assets.

The co-founder of Union Square Capital, a venture capital company Fred Wilson has altered his earlier bullish sentiments regarding Ethereum. In his opinion and prediction back in 2017, Wilson said that Ethereum was on the way to beat Bitcoin in market capitalization. He added that Ethereum would be much more valuable than BTC.

Fast forward to September 4, 2019, Wilson thinks otherwise in his blog post. According to him, Network challenges are holding Ethereum back. Besides, emerging platforms are offering a competitive edge above Ethereum by offering better alternatives.

“Ethereum, as many of you know, confounds me. It has shown the way to so many important things; smart contracts, programmable trust-free computing, potentially proof of stake, and a lot more. But it remains hard to build on, scaling issues abound, and many developers are looking elsewhere.”

Read also: Ethereum market update: ETH/USD is eying these levels towards $300

His view comes barely a month since Vitalik Buterin, Ethereum’s co-founder admitted to the challenges facing Ethereum including the network being full.

“If you’re a bigger organization, the calculus is that if we join, it will not only be more full but we will be competing with everyone for transaction space. It’s already expensive and it will be even five times more expensive because of us.”

Interestingly, Wilson was bullish on the largest cryptocurrency Bitcoin and said that there is no asset in the market that can match its capabilities. He continued: “There are some protocols, like the privacy-focused ones, that offer similar and in some cases better use cases. But for the most part, Bitcoin is our digital gold.”

Author

John Isige

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren

More from John Isige
Share:

Editor's Picks

Cardano Price Forecast: Weak momentum puts ADA recovery at risk

Cardano is trading below $0.222 on Thursday after failing to sustain gains above the 50-day Exponential Moving Average near $0.228 the previous day. Weakening derivatives metrics and fading bullish momentum continue to weigh on sentiment, while a break below the 100-day EMA could push ADA lower. Derivatives data shows a cautious outlook for Cardano.

Ripple and Stellar outlook: XRP and XLM recovery stalls below EMAs

Ripple and Stellar remain under pressure on Thursday as both struggle to sustain their recent recovery attempts. XRP trades below $1.36, while XLM slips beneath $0.183, as mixed derivatives metrics, weakening momentum indicators and heating market conditions suggest cautious market sentiment. Derivatives data shows weakening conditions for Ripple and Stellar.

Zcash Price Forecast: ZEC reclaims $1,300 as ETF inflow hits 30-day high

Zcash price hovers above $1,300 on Thursday, sustaining its 15% gains so far this week with three straight days of recovery. Institutional and retail appeal is returning, with over $15 million in inflows recorded on Wednesday and ZEC futures Open Interest rising to a 30-day high of $2.89 billion. The technical outlook for ZEC indicates an upside bias as recovery gains traction.

Bitcoin derivatives improve, but $87,000 sell wall looms
Bitcoin (BTC) showed signs of recovery on Wednesday as derivatives positioning improved, but sell risk grew between $86,500 and $87,500, where sell orders and leveraged liquidation clusters could limit further gains.
Bitcoin: Macroeconomic headwinds, cooling demand cap BTC gains
Bitcoin (BTC) extends losses this week, trading below $82,500 as of Friday as selling pressure continues. Weakening institutional demand supports this pullback as BTC spot Exchange-Traded Funds (ETFs) are on track to record a two-week withdrawal streak, reaching $146.19 million in net outflows through Thursday.