Celsius Network CEO Alex Mashinsky asserted that the Ethereum has already began “flippening” Bitcoin, indicating that it has already begun to “flippen” Bitcoin in terms of U.S. dollars.
Alex Mashinsky, the CEO of Celsius Network, has stated that Bitcoin (BTC), the most valuable cryptocurrency in terms of market capitalization, has already begun losing ground to Ethereum (ETH).
In an interview with Kitco News on Monday, Mashinsky stated that the Ether “flippening,” or the hypothetical situation in which Ether overtakes Bitcoin as the world’s most valuable cryptocurrency, is currently taking place right now.
According to Mashinsky, the Celsius temperature has already flipped. In terms of deposits or client currencies, he added, “we manage approximately $17 billion, with Ethereum being the most valuable coin in terms of dollar value.”
Mashinsky further projected that by 2022 or 2023, the value of Ether’s market capitalization will totally surpass that of Bitcoin.
“The flippening has already taken place. ” I believe that the broader market will follow Ethereum in the next year or two since it has already overtaken Bitcoin in monetary terms as the total holdings of the Celsius community. As we move forward, we will see this flippening occur in the larger market.”
As Mashinsky continued, the major driver of a forthcoming flippening would be the disparity between the key use cases of Bitcoin and Ether, according to Mashinsky.
It has been stated by the CEO that Bitcoin’s core use case is to serve as a store of wealth, whereas Ether’s primary use case is yield farming, which is the activity of staking or locking up cryptocurrency in exchange for incentives.
yield is a software programme that just has a larger user base than other similar applications.” As a result, I believe that Ethereum will be adopted more widely than Bitcoin in the future. The two are amazing apps and blockchains in their own right and we will see widespread acceptance of both; it is simply that the adoption of the first will outpace the adoption of the second,” Mashinsky said.
A decentralised lending and borrowing platform, the Celsius Network was launched in 2018. It allows users to receive incentives by moving their coins to the Celsius wallet as well as borrow dollars or stablecoins in exchange for their crypto assets.
On the Ethereum network, the platform uses its own CEL token, which is an ERC-20 coin that is used to fund the platform.
When it comes to market capitalization, Bitcoin has surpassed all other digital currencies to become the world’s oldest and most valuable cryptocurrency, outpacing altcoins such as Ether.
Because it was established in 2015, Ether is the second-largest cryptocurrency by market capitalization but it has not yet overtaken Bitcoin in terms of market capitalization.
According to statistics from CoinMarketCap, Bitcoin’s portion of the cryptocurrency market — also known as Bitcoin dominance — sits at 44.6 percent at the time of writing, while Ether’s share stands at 18.5 percent.
The belief that Ether will outperform Bitcoin in terms of value is not exclusive to Mashinsky. According to Galaxy Digital founder and CEO Mike Novogratz, Ether has the potential to become the world’s largest cryptocurrency in the future.