‘ETH has outperformed BTC by 250% since inception’: Raoul Pal triggers debate
Raul Pal, co-founder and CEO of Real Vision, has sparked a heated debate after predicting that Ethereum and other network-effect coins would eventually surpass Bitcoin.
Pal shared a chart of the price of Ether versus BTC since the 7th. August 2015 – six years after bitcoin’s inception – shows that ETH outperformed BTC by 250%.
It is encouraging to see that ETH has outperformed BTC by 250% since launch. In the first 5 months of its existence alone in 2015, it fell below its original price in BTC.
Let it stop being associated with the idea that all other tokens are trending towards zero in terms of BTC pic.twitter.com/ulCpsjG8up
– Raul Pal (@RaoulGMI) 7. April 2021
According to TradingView’s Bittrex chart, ETH trading began on the 10th. August 2015 at about 0.006 BTC. It is currently 0.0359 BTC.
ETH price in the form of BTC. Source: See the trade
Bitcoiners have not been happy with Pal’s interpretation of events, with Craig Wright’s counterpart Arthur van Pelt arguing that Ethereum is past its prime, having lost 77% since the 2017 bull run, and is in a prolonged decline. Cold, hard facts.
Raul then remarked: Since the beginning of this half cycle, it has increased by more than 100%. Cold, hard facts.
Brad Mills, a fund strategist and advocate for bitcoin, questioned the comparison itself, saying the logic behind the analysis is flawed because it doesn’t even compare the currencies.
Online analyst Willie Wu suggested that Ethereum’s price rise was just the initial hype cycle and that ETH has little potential for future growth. The first four-year cycle of a currency, he explained, is when it rises the most, adding that from that point, the ETH will likely just hover around the price of bitcoin and it will be time to move on:
They can just as easily take advantage of BTC now that we are in 2021 with well developed and highly liquid derivatives markets.
There is more than a little pride in this debate about the growth of ETG versus BTC. Last November, What Bitcoin Did podcaster Peter McCormack made a bet and expressed the view that BTC will rise against ETH within a year. Pal took the other side and said that in a year’s time the ETH price will be closer to bitcoin and the loser will fly to the winner for a drink, either in London or the Cayman Islands.
Pal also didn’t miss the opportunity to announce a possible early victory:
Patience, young grasshopper
– Peter McCormack (@PeterMcCormack) April 7, 2021
how much are bitcoins worth,bit coin price,cryptocurrency prices,eth price
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