In 2017, Union Square Ventures co-founder and managing partner, Fred Wilson had said that Ethereum’s market cap will surpass that of Bitcoin by year-end. That didn’t happen and now he is taking his words back, for good.
Wilson: Ethereum ‘Confounds’ Me
Not just the USV chief, Ethereum has left many of its investors in a tizzy. The smart contract pioneering token is still ~90% down from its January 2018 all-time high. Compared to that Bitcoin has at least managed to pick up on ~50% of its lost value.
Ethereum has gained only a meek 32% in value year-to-date. Whereas, BTC has registered a gigantic 185% increment on its 2019 start.
Talking about the Ethereum conundrum in his blog post titled ‘Some Thoughts on Crypto’, Mr. Wilson said:
Ethereum, as many of you know, confounds me. It has shown the way to so many important things; smart contracts, programmable trust-free computing, potentially proof of stake, and a lot more. But it remains hard to build on, scaling issues abound, and many developers are looking…