Real Vision co-founder and CEO Raul Pal sparked a heated debate after predicting that Ethereum and other “network-effect” coins would eventually catch up with Bitcoin.
Pal has released a chart of Ethereum prices for BTC since August 7, 2015 – six years after Bitcoin was created – showing that ETH has surpassed BTC by 250%.
According to the Bittrex chart from TradingView, on August 10, 2015, ETH started trading at around 0.006 BTC. It currently stands at 0.0359 BTC.
ETH price in BTC. Source: Trading View
Bitcoin customers were not happy with the poor interpretation of the events, when Craig Wright’s opponent, Arthur Van Pelt, claimed that Ethereum surpassed the early hype, and that since the rise in 2017 “has fallen 77% and is in a long-term recession. hard facts. ”
In response, Raoul said: “Since the beginning of this half-period, he has grown by more than 100%. Cold irrefutable facts. ”
Bitcoin lawyer and fund strategist Brad Mills challenged the same comparison, arguing that the logic behind the analysis is wrong because it does not provide comparisons between currencies to begin with.
Network analyst Willie Wu suggested that the Ethereum price increase was just an initial cycle of hype, and that ETH has little potential for future price increases. He explained that the first four-year cycle for any currency is “the highest increase”, adding that from now on ETH is likely to fluctuate around the price of bitcoin, and it is time to leave it:
“You can also take advantage of BTC now that we are in 2021 with well-developed highly liquid derivatives markets.”
The issue of ETH growth in BTC terms has been discussed for more than just pride. In November last year, Peter McCormack challenged Pal to bet on what a Bitcoin podcaster had done, and took the position that BTC would collide with ETH in a year. Pal takes the other side and says that in a year the price of ETH will rise almost to the level of Bitcoin, with the loser flying out with the winner in London or the Cayman Islands.