He stated that ultimately Ethereum will crash to zero against BTC.
This time, however, the rigorous Bitcoiner strengthened his BTC advocacy against ETH with several key reasons why he believes ETH is “heading to zero against Bitcoin.”
Keiser stated that Ethereum is not a commodity (like Bitcoin is), and it does not run on the proof-of-work algorithm as Bitcoin does, and which ensures its decentralized aspects. Keiser also revealed that in El Salvador, where he currently lives and works as Bitcoin adviser to president Nayib Bukele, Ethereum, along with all other altcoins, is classified as an unregistered security.
Bitcoin was classified by the SEC as a commodity due to its decentralized nature, as was Ethereum later. However, recently, debates are again increasing on this subject, and it is unclear whether ETH will keep its beneficial status as a commodity.
Recently, the SEC regulator gave preliminary approval of spot Ethereum ETFs, but to achieve this, issuers had to remove the staking option from their filings. This is because, recently, the SEC filed legal charges against U.S. exchanges Coinbase (NASDAQ:COIN) and Kraken for their staking offerings to clients, and ETH was included on that list among other altcoins.
@vaneck_us tweeted that they have increased their ETH price target to $22,000 by 2030. This decision was influenced by the news of the approval of spot Ethereum ETFs, the progress that Ethereum developers have been making with scaling the blockchain and also based on VanEck’s reading of on-chain data.
Samson Mow, finding that highly unlikely, reacted just with one word: “LMAO.”
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
