In this line, the founder of cryptocurrency lending platform Nexo, Antoni Trenchev, has warned against writing off Bitcoin, maintaining that the asset is likely to rally in the long term, he said during an interview with Bloomberg Markets and Finance on September 15. He acknowledged that the Merge upgrade would bring efficiencies to the Ethereum blockchain in what he termed a game changer.
Bitcoin and Ethereum competition
According to Trenchev, investors should not view Bitcoin and Ethereum as competing platforms, maintaining that both assets are useful. He believes that ‘Bitcoin is more akin to gold,’ suggesting that it’s the better version of the precious metal while Ethereum is ideal for decentralized projects.
Impact of Merge on Ethereum
He noted that the Merge would potentially drive some enthusiasm into the crypto market and trigger a price rally. Notably, Trenchev had earlier suggested that the upgrade’s initial success would be vital to the asset sustaining a rally. Already, the market had recorded significant activity ahead of the Ethereum Merge, with a Finbold report indicating that on September 12, the asset’s exchange inflow rose from 700,000 ETH to around 1.7 million ETH on September 14. It is worth noting that the Merge was implemented during the early hours of September 15, with the asset migrating to the Proof-of-Stake (PoS) protocol. Watch the full interview below: Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
