Just a few days ago, JPMorgan announced that it felt bitcoin was in line to reach a whopping price of roughly 6,000 per unit. Despite this big news, the financial giant is now claiming that its primary competitor Ethereum is still the better bet for crypto fans. JPMorgan Report Says Ethereum May Be Stronger Than BTC This statement came out in a recent report published by JPMorgan, in which analysts talk about rising interest rates and ongoing inflation. The company feels that holding Ethereum is the right way to go given its decentralized nature and its connection to the growing world of non-fungible tokens (NFTs). The report says that bitcoin is holding a stronger correlation to gold. The document claims that both assets are becoming quite similar in that they are
Topics:
Nick Marinoff considers the following as important: Bitcoin, Ethereum, jpmorgan, News
This could be interesting, too:
Aayush Jindal writes Bitcoin Cash Analysis: Bears Gain Strength Below 0
Aayush Jindal writes EOS Price Analysis: Uptrend At Risk Below %related_posts%.85
Aayush Jindal writes Litecoin (LTC) Price Analysis: Bears Take Control Below
Aayush Jindal writes Solana (SOL) Price Analysis: Price Dips 50%, Can It Recover?
Just a few days ago, JPMorgan announced that it felt bitcoin was in line to reach a whopping price of roughly $146,000 per unit. Despite this big news, the financial giant is now claiming that its primary competitor Ethereum is still the better bet for crypto fans.
JPMorgan Report Says Ethereum May Be Stronger Than BTC
This statement came out in a recent report published by JPMorgan, in which analysts talk about rising interest rates and ongoing inflation. The company feels that holding Ethereum is the right way to go given its decentralized nature and its connection to the growing world of non-fungible tokens (NFTs).
The report says that bitcoin is holding a stronger correlation to gold. The document claims that both assets are becoming quite similar in that they are now both considered hedge tools. This is good news for bitcoin in the long run, though it’s problematic in that BTC could soon be subjected to the same slips as gold should the economy suffer further.
BTC has expanded in a world of low interest rates, but now that things are shooting up, it is unknown if the world’s number one digital currency by market cap will experience something of a cap on its present growth, and thus Ethereum could be the stronger tool.
The document says:
The rise in bond yields and the eventual normalization of monetary policy is putting downward pressure on bitcoin as a form of digital gold, the same way higher real yields have been putting downward pressure on traditional gold. With Ethereum deriving its value from its applications, ranging from defi to gaming to NFTs and stable coins, it appears less susceptible than bitcoin to higher real yields.
Ethereum does not necessarily have the size and scope of bitcoin, but it has grown in popularity over the years for many reasons, a big one being that it is faster than bitcoin. Its network boasts quicker speeds and capabilities with smart contracts. This has made it popular amongst developers looking to establish new coins and decentralized apps (dapps).
And with the introduction of Ethereum 2.0 – the new blockchain settings designed to ensure ETH moves quicker and boasts fewer gas fees – this popularity is likely to become even stronger.
In addition, Ethereum has gained a reputation for being far more environmentally conscious. The argument amongst several leading crypto heads of today – including Elon Musk of Tesla fame and Kevin O’Leary of “Shark Tank” – is that bitcoin mining and related activity produces a heavy carbon footprint that may harm the environment. Musk even went so far as to rescind a decision that his electric car company would accept crypto payments for vehicles because of this.
ETH May Be More Environmentally Conscious
JPMorgan says:
The greater focus by investors on [environmental, social and governance investing] has shifted attention away from the energy intensive bitcoin blockchain to the Ethereum blockchain.