Satoshi Fund CEO Says Ethereum Has No Real Value

Bitcoin and Ethereum have always been at odds due to narrative battles between their respective proponents. Dennis Porter, the CEO of Satoshi Act Fund, has expressed his unwavering support for Bitcoin. He did, however, issue a caution to the ETH community.

Porter supports the Bitcoin ecosystem and the Proof-of-Work consensus process. He also makes an important contribution to Bitcoin policy advocacy.

According to Porter, Vitalik Buterin had years to show Ethereum’s usefulness. The Ethereum creator, on the other hand, failed to give any real value to Ethereum. He believes that various blockchains may contribute to Ethereum in the same way. Bitcoin, on the other hand, has no rival as a store of value.

Bitcoin has differentiated itself in terms of dominance. Several professionals in the field were concerned that the Ethereum merger might cause Bitcoin to lose its dominance. However, the dominant crypto asset remains at the top.

At the time of writing, BTC dominance is at 41.11%.

Satoshi Fund CEO Says Ethereum Has No Real Value
BTC domination. Source: TradingView

For the past many years, Bitcoin and Ethereum have been at odds. Both blockchains used Proof-of-Work consensus at the time of their introduction. However, the Merge appears to exacerbate the rivalry between the top two crypto assets.

ETH has finally transitioned to Proof-of-Stake thanks to The Merge. According to its supporters, the switch to a more energy-efficient PoS is necessary for ETH’s long-term viability. This is owing to the fact that many campaigners have been advocating for the prohibition of PoW due to its enormous energy usage.

ETH is now trading at $1329.78.

Satoshi Fund CEO Says Ethereum Has No Real Value
ETH daily chart. Source: CoinCu

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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