It’s been revealed that under certain conditions, Ethereum could flip Bitcoin. Check out the latest reports revealed by an important voice in the crypto space.
Ethereum could flip Bitcoin
According to the latest reports, the important venture capitalist Kevin O’Leary believes a certain group of wealthy investors will dictate whether Bitcoin (BTC) remains the top crypto asset by market cap.
In a recent installment of Crypto Banter, the Shark Tank star says he’s having a hard time believing that Ethereum (ETH) will usurp Bitcoin and become the king cryptocurrency.
“When I talk to sovereign wealth, I don’t care if it’s Norway, or the UAE (United Arab Emirates) or Saudi, they want Bitcoin. They have not got to the analysis that we’ve just gone through. They want the proxy of Bitcoin, and they want that volatility…”
He continued and said this:
“If [ETH] becomes the default platform for other digital assets, that will help. But in the immediate term, the demand is for 1% to 3% of a portfolio, a standard. These sovereign wealth portfolios look like this: no more than 20% in any one sector, no more than 5% in any one name…”
He also said the following:
“When you ask them if you could buy any digital asset, which one would it be and what allocation. It’s about 50 basis points on the low end up to 300 basis points on the high end. And 99% of the time they say Bitcoin. That’s all they know.”
O’Leary added that the sovereign wealth funds are just waiting for a clear regulatory framework before diving into Bitcoin.
As we already said, regulation is extremely important in the crypto space. This is an essential factor that can trigger mass adoption of digital assets sooner.
This has been one of the most important goals that the crypto industry set, and things are going great.