Joey Krug, chief investment officer at digital asset investment giant Pantera Capital, believes that half of all financial transactions will ultimately involve Ethereum.
According to a report from Bloomberg, Krug says that the explosion in competitors are unlikely to have success in dethroning the Ethereum blockchain.
“If you roll the clock forward 10 to 20 years, a very sizable percent, maybe even north of 50%, of the world’s financial transactions in some way, shape or form will touch Ethereum.”
Assuming that the Ethereum network can smoothly transition to proof-of-stake, Krug believes that competitors will eventually rely on it as a base layer, and cease to be real threats to ETH’s supremacy.
“There’s too many trade-offs other chains are making that Ethereum is not making on the decentralization side that are pretty important,” Krug said, noting security concerns. “I don’t know if they’re best suited to be the new global financial settlement layer.”
Pantera’s CEO Dan Morehead, an early Bitcoin investor who oversees the $5.2 billion firm, has his eye on multiple Ethereum rival altcoins for 2022. In a recent interview Morehead said Polkadot (DOT) would be one of the more promising cryptocurrencies this year.
“And it’s growing at a very very rapid rate. We think it’s one of the most promising coins for the coming year. So many people are just discovering it and just starting to trade it. It has a $31 billion market cap, so it still has plenty of room it can grow.”
The CEO is also looking at Terra (LUNA) to perform well this year, partially based on its prominence in the South Korean gaming market.
“I think we’re all coming to the conclusion that there won’t be just one blockchain in the future. There will be you know maybe 10 or 20 very important blockchains. And so Polkadot will help you move value from one to the other, and their first DeFi protocols are going live in the first quarter so we’re very excited about it.”
Grayscale Investment’s head of research Dave Grider told Bloomberg that “all boats can be lifted” in the crypto sector, noting how Ethereum competitors performed incredibly in 2021.
“I don’t think it’s this winner-take-all type of market… Ethereum has this lead-of-a-network effect. It has this large community, but other ones have emerged that fill different market voids.”
The firm already offers a Solana investment fund, and is looking at offering other products based on Ethereum rivals, according to the report.
The post 50% of All Financial Transactions Ethereum-based Within Ten Years appeared first on Coin Bureau.
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