Nigel Green, the CEO of independent financial consultancy firm, deVere Group, has stated that Ethereum (ETH), the second-largest cryptocurrency by market cap, has the potential to displace Bitcoin (BTC) in terms of value, citing its utility and increase in demand.
In a CityAM report, Nigel Green stated that Ethereum (ETH) should continue to outperform Bitcoin (BTC) in 2021. He also expects the world’s largest smart contracts platform to subsequently exceed the flagship cryptocurrency in terms of value.
Nigel Green noted:
“Ethereum (ETH) is outperforming Bitcoin (BTC) and it can be expected to continue this trend for the rest of 2021.
“Ether is up around 240 percent this year, while Bitcoin is up less than 38 percent. In fact, it has outperformed all other benchmark assets in the first half of this year.”
Two Key Factors That Currently Drive Ethereum’s Outperformance Run
The deVere Group CEO further pointed to two key factors he thinks are the driving force behind Ethereum’s outstanding performance.
“First, Ether has a higher level of real-use potential as Ethereum – the platform on which it is the native cryptocurrency – is the most in-demand development platform for smart contracts, thereby highlighting that network’s value not only as a platform for developers but as a worldwide financial utility.
“Second, investor enthusiasm for the game-changing transition to ETH 2.0, which makes the Ethereum network considerably more scalable, sustainable and secure.
“These upgrades represent a major boost not just for Ethereum but for blockchain technology itself.”
Ethereum (ETH) Have More Use Potential and Tech Advantages over Bitcoin (BTC)
The deVere boss also pointed out that Ethereum (ETH) has more use potential and tech advantages over Bitcoin (BTC). He said this is why he believes that Ethereum is coming for Bitcoin’s position in the future:
“Ultimately, this will mean that its value will exceed that of Bitcoin – probably within five years.
“That said, I remain confident that Bitcoin will hit, or even surpass, its mid-April all-time high of $65,000 by the end of 2021. There will be peaks and troughs along the way of course, but Ethereum’s ascent to the top of the cryptoverse seems unstoppable.”