The war of narrative between Ethereum and Bitcoin is nothing new. However, Dennis Porter, the CEO of Satoshi Act Fund, has a chilling warning for the Ethereum community. Porter believes that this is Ethereum’s last cycle as the second largest cryptocurrency.
Porter is an advocate for the Bitcoin ecosystem and the Proof-of-work consensus mechanism. He is also a vital contributor to Bitcoin policy advocacy.
Porter claims that Vitalik Buterin had years to prove Ethereum’s usability. However, the Ethereum founder failed to provide any reasonable value for Ethereum. He believes that multiple blockchains can contribute similarly to Ethereum. On the other hand, Bitcoin does not have any competitor as a store of value.
Bitcoin vs. Ethereum
The long-standing battle between Bitcoin and Ethereum continues to exist. However, after the merge, this battle exacerbated even more. The merge shifted Ethereum’s consensus mechanism from Proof-of-work to Proof-of-stake. Ethereum proponents claim that the PoW’s energy consumption makes it unsustainable.
Indeed, many activists claim that the Proof-of-work consensus mechanism should be banned on account of its energy consumption.
On the other hand, the Bitcoin community claims that the Proof-of-stake has potential issues with centralization. Indeed, after the merge, Lido and Coinbase, the two biggest validators, performed a majority of block validation. Moreover, Bitcoin maximalists claim that Ethereum has a negative reward structure which will create issues in the long term.
Jack Dorsey, the founder and ex-CEO of Twitter, warned the Bitcoin community to prepare for a narrative war with Ethereum. Similarly, Solidity developer and Ethereum influencer, @shegen, claims that Ethereum is secured by $20 billion while Bitcoin is secured by $700k. She was referring to the cost of a network attack on the cryptocurrency.
Will Bitcoin Continue Its Dominance
Experts feared that Bitcoin will lose its dominance over the market after the Ethereum merge. However, so far, Bitcoin continues to hold strong against its many competitors. Bitcoin currently holds 38.8% of the globally crypto market cap.