Fred Wilson, a venture capital investor and co-founder of the venture capital firm, Union Square Ventures, has revised his bullish opinion on Ether (ETH).
In 2017, Wilson suggested that Ether's market capitalization will pass the Bitcoin stock market capitalization (BTC) at the end of the year, and will eventually exceed the value of Bitcoin. However, in an article published on September 4, Wilson noted that the currency has fallen short, and that Ether's underlying Ethereum network is experiencing some problems, saying:
"Ethereum, as many of you know, confuses me. It has shown the way to many important things; smart contracts, programmable computing without trust, potential proof of participation and much more. But it's still difficult to build, scaling problems abound, and many developers are looking elsewhere. "
Last month, Vitalik Buterin, co-founder of Ethereum himself, declared that the Ethereum blockchain is almost full. Buterin then said: "If you are a larger organization, the calculation is that if we join, it will not only be fuller, but we will be competing with everyone for transaction space. It is already expensive and will be even five times more expensive thanks to we".
Ether is no match for Bitcoin
Referring to Bitcoin, Wilson said there is still nothing in the market that approaches the leading digital currency. "There are some protocols, such as those focused on privacy, that offer similar cases and in some cases of better use. But for the most part, Bitcoin is our digital gold," said Wilson.
The venture capital investor also touched on the issue of Facebook's not yet stable stablecoin, Libra, calling it a bright spot. In Wilson's opinion, the industry will see more innovation, including a stable programmable cryptoactive.
In January, Wilson stated that the cryptocurrency will not be a safe haven in 2019 amid a weakened economy and a bearish stock market, although he noted that "there will be signs of life in the crypto land in 2019". As for the impetus for the next bullish phase, Wilson listed a series of promises made in 2017, including several smart contract platforms that can compete with Ether.
Cryptocurrency investor and Placeholder partner Chris Burniske argued at the end of August that Ether is supporting its first bear market, as Bitcoin did in 2014-15.
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