Druckenmiller: Ethereum is 'MySpace before Facebook' while Bitcoin won as 'Google'

Druckenmiller: Ethereum is 'MySpace before Facebook' while Bitcoin won as 'Google'

Bitcoin (BTC) is at risk of a “flippening” from Ether (ETH), mainstream media claims as some familiar FUD — fear, uncertainty and doubt —returns to the spotlight.As BTC/USD continues to flag below $40,000, an old argument has resurfaced — but major investors are fighting back. Bloomberg: ETH “will likely exceed Bitcoin”In an article on May 31, Bloomberg cited multiple sources claiming that in the future, Ether will overtake Bitcoin as the world’s cryptocurrency of choice. The largest altcoin “will likely exceed Bitcoin at some point in the future, as Ethereum will be superior when it comes to innovation and developer interest,” Tegan Kline, co-founder of Blockchain firm Edge & Node, told the publication. Another executive added that Ethereum has a “better growth story.”The argument is far from new and has appeared regularly throughout Ethereum’s existence. The Ethereum network’s recent major upgrade has kept its profile afloat, and ETH has outperformed Bitcoin over the past year and formed the backbone of the decentralized finance (DeFi) phenomenon.ETH/BTC, long on a losing streak, reached its highest exchange rate in three years earlier this month. ETH has also managed to preserve more of its price gains than Bitcoin in recent days. As Cointelegraph reported, a key moving average remains intact for ETH/USD, while BTC/USD has failed to recapture “lines in the sand.”ETH/BTC 1-week candle chart (Bitstamp). Source: TradingViewDruckenmiller compares Ethereum to MySpaceFor all its impressive performance, however, claiming that Ethereum will replace Bitcoin at the top is nonsensical, many argue — and not only staunch Bitcoin

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