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ETH Heading to Zero Against Bitcoin – Max Keiser Gives Key Reasons

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Thu, 6/06/2024 - 13:45
ETH Heading to Zero Against Bitcoin – Max Keiser Gives Key Reasons
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Bitcoin maximalist Max Keiser has again poured harsh criticism on the second biggest cryptocurrency by market capitalization value, Ethereum, giving the community reasons why he believes that ETH is a loser compared to Bitcoin.

He stated that ultimately Ethereum will crash to zero against BTC.

Max Keiser's arguments against Ethereum

Former financial commentator and Wall Street trader Max Keiser has published a tweet in which he once again slammed Ethereum. Keiser has done the same before, not only with ETH but also with XRP, ADA, SOL and other altcoins since he as a Bitcoin maxi considers any crypto except Bitcoin to be centralized and an unregistered security.

This time, however, the rigorous Bitcoiner strengthened his BTC advocacy against ETH with several key reasons why he believes ETH is “heading to zero against Bitcoin.”

Keiser stated that Ethereum is not a commodity (like Bitcoin is), and it does not run on the proof-of-work algorithm as Bitcoin does, and which ensures its decentralized aspects. Keiser also revealed that in El Salvador, where he currently lives and works as Bitcoin adviser to president Nayib Bukele, Ethereum, along with all other altcoins, is classified as an unregistered security.

Bitcoin was classified by the SEC as a commodity due to its decentralized nature, as was Ethereum later. However, recently, debates are again increasing on this subject, and it is unclear whether ETH will keep its beneficial status as a commodity.

Recently, the SEC regulator gave preliminary approval of spot Ethereum ETFs, but to achieve this, issuers had to remove the staking option from their filings. This is because, recently, the SEC filed legal charges against U.S. exchanges Coinbase and Kraken for their staking offerings to clients, and ETH was included on that list among other altcoins.

Related

Samson Mow ridicules VanEck's $22,000 ETH prediction

Another prominent Bitcoin maximalist, Samson Mow, has published a tweet in which he shared his take on the recent Ethereum prediction made by VanEck.

@vaneck_us tweeted that they have increased their ETH price target to $22,000 by 2030. This decision was influenced by the news of the approval of spot Ethereum ETFs, the progress that Ethereum developers have been making with scaling the blockchain and also based on VanEck’s reading of on-chain data.

Samson Mow, finding that highly unlikely, reacted just with one word: “LMAO.”

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