There’s been a lot of speculation about the new Ethereum upgrade, which is around the corner. Check out the latest news about the issue below.
Ethereum upcoming upgrade
It’s been just revealed that the important investor Bill Miller says the upcoming Ethereum (ETH) switch to a proof-of-stake network will saddle Bitcoin (BTC) with one huge advantage over the top altcoin.
During a new interview on The Investor’s Podcast Network, he made sure to highlight the fact that ETH’s switch from a proof-of-work to a proof-of-stake consensus mechanism could increase financial inequality. This is really important as this is a problem that wouldn’t be found on the top crypto asset by market cap.
“The other thing with proof of stake is one of the big problems that people talk about as a problem in the United States is inequality. Well, proof of stake basically is the most unequal thing you can imagine, because the rich people make all the decisions.”
He continued and stated the following:
“And if you have more stakes, if you have more Ethereum at stake, meaning you own more of it than somebody else, you get whatever the votes are. It’s like if you own more shares than… If you own 50% of the shares of Berkshire Hathaway, you can determine what’s going to happen with Berkshire Hathaway.”
He explained to viewers that if you own 50% of the Ethereum, “you decide what’s going to happen with it, and nobody else can say it. That’s a problem that Bitcoin doesn’t have. It’s truly democratic.”
He also continued and said that he sees BTC as a sort of insurance against an economic meltdown. To make his point, he cited the political situations of Venezuela, Nigeria, Lebanon, Ukraine, and Afghanistan as examples.
Regarding the price of Bitcoin today, at the moment of writing this article, BTC is trading in the red and the king coin is priced at $28,840.