The Bitcoin-The Ethereum race has been going on since Ethereum comfortably took its place as the number two cryptocurrency with a market cap of 17.24%.
Bitcoin’s popularity continued to decline after the long-contested Bitcoin energy debate resurfaced when Tesla CEO Elon Musk announced that his company had suspended the purchase of vehicles with Bitcoin due to concerns about energy consumption. That paired with the latest crypto market Bloodbath had urged many skeptics to reallocate their portfolios.
In the midst of this, Jim Cramer, the host of the Mad Money show, was another Bitcoin bull who became an Ethereum fan. Cramer in a newer interview explained why he preferred it ether to Bitcoin:
“I like Ethereum because people actually use it a lot more to be able to buy things. I will continue to buy Ethereum. I just think it has a bit more leeway because when you buy an NFT or something, everyone wants Ethereum. It’s more of a currency. “
The former hedge fund manager said after selling “almost all of his BTC” last week that he would buy Bitcoin again if the price fell to the $ 10,000 level. Bitcoin was trading at $ 35,620 at press time and had rebounded after falling to $ 29,000.
In hindsight, Cramer joins a list of Ethereum cops who were pretty excited prior to the Ethereum 2.0 launch. The buzz around the eagerly awaited ether update has been circulating in the crypto community for some time. Phase 1 and 1.5 are planned for 2021, while the final release and full rollout, i.e. Phase 2, will fall sometime in late 2021 or 2022. While Ethereum also posted some significant lows amid the market slump, it posted 13.63% gains last week.
The former hedge fund manager said last week, citing the Chinese government’s approach to bitcoin mining and the role of cryptocurrency in ransomware attacks, “I’ve sold almost all of my bitcoins. Don’t need it. “
Cramer’s love-hate relationship with Bitcoin is known to everyone. Fearing massive inflation, he invested in BTC towards the end of 2020. That year, in March, he looked down on gold and said it was failing him and advised people to sell gold and increase their BTC holdings:
“If you listen to me, you will drop half your gold. I’ve been saying 10% in gold since 1983. And now I say 5% in gold, 5% in bitcoin. ”
Given China’s crackdown on Bitcoin mining and recent ransomware attacks, Cramer believes that Bitcoin “won’t rise for structural reasons.”
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