Celsius Network CEO: Ethereum flippening Bitcoin is happening now

  • The Celsius Network community has more ETH than BTC in U.S. Dollar terms.
  • Ethereum has a use-case of yield and more people are vying for yield as of date. 

On Monday, July 5, Alex Mashinsky the CEO of Celsius Network, in an interview with Kitco News, said that Ethereum flippening Bitcoin in market cap is very much a possibility. The Celsius Network CEO said that within its 1 million-strong the Ethereum flippening is already happening.

He added that Ethereum (ETH) has already surpassed Bitcoin (BTC) in USD terms in the total holdings of the Celsius community. Besides, he further expects the broader market to follow this trend in the next year or two.

The Celsius Network is an all-in-one banking and financial services platform managing more than $17 million in customer deposits. Mashinsky said that the number one coin held in USD currently with Celsius is Ethereum. This clearly goes to show the rising acceptance of Ethereum among crypto investors.

Last week, Ethereum attained an important milestone. For the first time in history, the Ethereum address activity surpassed that of Bitcoin’s.

Courtesy: Santiment

With a $650 billion market cap, Bitcoin is currently 2.5 times the market size of Ethereum. Kitco News’ anchor David Lin also asked if Ethereum can overtake BTC by market cap. Responding to it, Mashisky said:

The use case of Bitcoin is store-of-value and the use case for Ethereum is yield. Yield as an application has a broader user base as there are more poeple in the world who are vying for yield. Overtime you will see a broader adoption for Etheruem than of Bitcoin.

Ethereum 2.0 – Navigating Through Technological Hiccups

Mashinsky also touched on the recent developments with Ethereum 2.0 and noted that the Celsius Network has been a major participant in it. The Celsius Network has put 25,00 ETH coins in the project.

He also spoke of the launch of Layer 2 solutions on Ethereum, like MATIC, which has helped the gas fee to drop by 90 percent. However, he notes that Ethereum 2.0 will bring an incremental improvement to the overall performance of the network.

Aside from this, during his interview, Mashinsky spoke in depth about his views on the threats of quantum computing. The fear that quantum computing can break the blockchain network has caught some steam. Speaking on this, Mashinsky noted that he doesn’t see it happening anytime by the next decade. He added that older blockchain networks like Bitcoin and Ethereum are more resilient to quantum attacks.

BTC Price and BTC Hashrate

Touching down on the most talked about topics, Mashinsky said that China is partially responsible for this recent drop in the hashrate. The exodus of Chinese miners has resulted in forced liquidations for them to cover their costs.

The Celsius Network CEO said that short-sellers and traders made the most of this bad news. They liquidated their holdings in big numbers. Looking at the positive, he adds that the China crackdown has helped decentralize the control over Bitcoin mining. Mashinsky adds that Celsius Network has invested over $200 million in BTC mining operations in America. It plans to invest further down the road making the company the largest Bitcoin miner in North America.

Commenting on the CBDC developments, the CEO said that China’s Digital Yuan is more centralized and intended to reduce the dollar dependency. He thinks that America will still win in the CBDC markets as it provides space to foster innovation, unlike China.

About Author

Bhushan is a FinTech enthusiast and holds a good flair for understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In his free time, he reads thriller fictions novels and sometimes explores his culinary skills.

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