Real Vision co-founder and CEO Raoul Pal sparked heated debate after predicting that Ethereum and other coins with “network effects” would outperform Bitcoin over time.
Pal has shared a chart of the price of Ether versus BTC since August 7, 2015 – six years after Bitcoin’s inception – showing that “ETH has outperformed BTC by 250%”.
Fascinating to see that since its inception, ETH has outperformed BTC by 250%. It only fell below its initial BTC price during the first 5 months of its existence in 2015.
Let this rest on the idea that all other tokens are trending towards zero in terms of BTC. pic.twitter.com/ulCpsjG8up
– Raoul Pal (@RaoulGMI) April 7, 2021
According to TradingView’s Bittrex chart, ETH started trading for around 0.006 BTC on August 10, 2015. It currently sits at 0.0359 BTC.
Bitcoiners weren’t happy with Pal’s interpretation of events, with Craig Wright’s antagonist Arthur van Pelt, arguing Ethereum has survived its first hype and since the bull run of 2017, “it’s down 77% and down for the long term. Hard and cold facts.
In response, Raoul Note “Since this halving cycle started, it has increased by over 100%. Hard and cold facts.
Fund strategist and Bitcoin advocate Brad Mills took issue with the comparison itself, saying the logic behind the analysis is flawed as it does not offer a comparison between currencies from their respective beginnings.
Willy Woo, chain analyst suggested that Ethereum’s price hike was just the initial ongoing hype cycle and that ETH has little potential for future price increases. The absolute first four-year cycle, he explained, “is his highest climber,” add this ETH will likely hover around the price of Bitcoin from now on, and it’s time to move on:
“You can also take advantage of BTC now that we are in 2021 with well developed extremely liquid derivatives markets.”
This debate about the rise of ETH in terms of BTC is not just about pride. In November of last year, podcaster What Bitcoin Did Peter McCormack disputed Pal to a bet, taking the position that BTC will be against ETH after one year. Pal took the other side and says ETH will rise closer to the price of Bitcoin after a year, with the loser having to fly the winner for a drink, either in London or the Cayman Islands.
Pal didn’t pass up the opportunity to call for a potential early victory as well:
Patience young grasshopper
– Peter McCormack (@PeterMcCormack) April 7, 2021