The co-founder of the cryptocurrency lending platform Nexo, Antoni Trenchev, does not think the historic Merge event will help Ethereum flip Bitcoin as the most important cryptocurrency.
Antoni Trenchev asserted “Anyone who is writing off Bitcoin, I think that’s too soon.”
The Ethereum Merge, according to Antoni Trenchev, is “the most significant thing” to have occurred in the protocol’s history. The most-waited and massive Ethereum Merge upgrade went live today at 2:43 AM EST.
Trenchev anticipates a rise in Ethereum’s price once people understand the advantages of switching to Proof-of-Stake (PoS), though not immediately. Before there is a price increase, people should understand the applications of such development, he noted.
“I bought in around $1,300, rolled it all the way up to $2,000, now it’s around $1,600. There is a case to be made that a large amount of the hype is already priced in, so there might be a coming down a little bit, but I think ultimately, once people see the benefits, this will play a very bullish role in the mid and long term” he added.
He recently spoke with Bloomberg on the future greener focus Ethereum will have and how Ethereum will transition from basically an inflationary sort of asset to a deflationary one.
Trenchev claimed to be extremely bullish on Bitcoin and Ethereum and will be holding them both for the long term in his portfolio. He acknowledged boosting his Ethererum exposure in anticipation of the coin’s price increase following the switch to PoS a few months ago.
Also Read: All about the Ethereum Merge