The Merge could see Ethereum surpass Bitcoin, says Ciubotariu

An Ethereum merger is imminent and Marius Ciubotariu believes the event will silence critics and demonstrate Ethereum’s dominance in the market.

With an Ethereum merge scheduled for this week, the Ethereum blockchain will move from Proof of Work (PoW) to Proof of Stake (PoS) protocol.

Market experts believe this transition will make the Ethereum network faster, more scalable, greener and more secure.

Marius Ciubotariu, co-founder of the Hubble Protocol, said the merge would silence critics and push Ethereum beyond Bitcoin. Ciubotariu, who is also a core contributor to the newly launched Camino Finance, said:

“This week we are witnessing one of the most important events in the history of cryptocurrency. ) is moving to a consensus mechanism.

The importance of this event, called “Merge”, cannot be underestimated. The Ethereum Merge is a huge technical effort to upgrade the network and an important step towards building Ethereum 2.0. Additionally, it reduces carbon emissions on the network by a reported 99%. “

He said that emissions are still a big problem for Bitcoin, that it is using more energy than ever to mine the remaining 1 million coins, and that it is unlikely that it will move to a PoS model any time soon. He pointed out not at all.

The co-founder of the Hubble Protocol added that the merge would come at the perfect time as Bitcoin’s price struggles to maintain its $20,000 psychological level. He said;

“For those most concerned with price, this is a very exciting time for a merger to happen, as the price of Bitcoin struggles to hold onto the psychologically important $20,000 level. We are starting to see a wide disparity in growth between the major cryptocurrencies, with ETH rising an incredible 51% in the 90 days ending Sept 12, while Bitcoin rose in the same period (September 12, 2022). (currently) is down 4.5%.”

Many experts within the crypto space predict that Ethereum will overthrow Bitcoin as the most valuable cryptocurrency at some point in the future, and Ciubotariu believes Merge can help do that. said “

The situation is very similar over the 6 months and 1 year period, with Bitcoin down 45%, 55% and Ether down 32%, 51% respectively. So in the long term, the pair will continue to trail each other and the broader market, but in the short term, Ether is truly starting to fly on its own. It could bring about the long-predicted “reversal” of overtaking Bitcoin in market capitalization. “

Ciubotariu noted that over time, the world, including cryptocurrency traders, will awaken to the enormous potential that exists in Ethereum and the possibilities offered by DeFi projects.

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