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Peter Schiff expressed: Bitcoin pumpers claim that Bitcoin is a better store of value than gold, because its price has risen more than gold’s price. By that logic, Ethereum is a better store of value than Bitcoin. If Bitcoin is gold 2.0, then Ether is Bitcoin 2.0. Has Ether already disrupted Bitcoin?
But gold is used to store value and hedge against inflation only because it has value as a precious metal that can be stored. Bitcoin has no value that can be stored, so it can’t possibly replace gold as a store of value.
Bitcoin had its day just like gold did. But now the torch has been passed to something newer and better suited for the modern meme investment style. Dogecoin is the new kid on the block that captures the digital zeitgeist. Bitcoin was the new gold. Now it’s the old Dogecoin.
Community Reaction: This is a good argument. It’s possible. Technically, Bitcoin works perfectly and is scaled for global use. ETH is a train wreck with $100 fees to grab a free NFT, extremely slow, and loads of risk.
By that logic, basically everything is a better store of value than gold lol. Milk, coffee, Chinese cow dung, Pokémon cards, unvaccinated sperm, etc.
ETH has disrupted Bitcoin, yes. But not just due to more price go up. Real reasons: more utility, more usage, more secure, more scarce, more resource efficient.
ETH has disrupted Bitcoin for months, just need the market cap to flip it.
I think that both BTC and ETH are digital currencies, but the main purpose of ether is not to establish itself as an alternative currency system, but to promote the operation and monetization of Ethereum smart contracts and decentralized application (Dapp) platforms.
Ethereum is not a good store of value, because it was never intended to be. There’s no cap on the issuance of ETH, ETH costs a lot to send, and it’s intended use is to power the EVM, not store value. For that you want scarcity baked into the network. Ether is a protocol token. If anything, it’s digital oil and not a competitor to bitcoin technology.
Bitcoin failed to scale and the lighting network story is just for media consumption. Ethereum is pre-mined for enriching few and will end in a disaster similar to the 2008 Synthetic CDO disaster. I think that Ether is not Bitcoin 2.0 yet as the numbers of tokens keep increasing without maximum number of coins. When max Ether number is fixed, it could be a better store of value.
