VC Fred Wilson slams Ethereum: “Bitcoin is our digital gold.”

Network challenges continue to hold Ethereum back according to Wilson.
Ethereum is a difficult platform to build on and developers are looking elsewhere.
Wilson affirms that Bitcoin is digital gold beats all other digital assets.

The co-founder of Union Square Capital, a venture capital company Fred Wilson has altered his earlier bullish sentiments regarding Ethereum. In his opinion and prediction back in 2017, Wilson said that Ethereum was on the way to beat Bitcoin in market capitalization. He added that Ethereum would be much more valuable than BTC.

Fast forward to September 4, 2019, Wilson thinks otherwise in his blog post. According to him, Network challenges are holding Ethereum back. Besides, emerging platforms are offering a competitive edge above Ethereum by offering better alternatives.

“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 elsewhere.”

His view comes barely a month since Vitalik Buterin, Ethereum’s co-founder admitted to the challenges facing Ethereum including the network being full.

“If you’re a bigger organization, the calculus is that if we join, it will not only be more full but we will be competing with everyone for transaction space. It’s already expensive and it will be even five times more expensive because of us.”

Interestingly, Wilson was bullish on the largest cryptocurrency Bitcoin and said that there is no asset in the market that can match its capabilities. He continued: “There are some protocols, like the privacy-focused ones, that offer similar and in some cases better use cases. But for the most part, Bitcoin is our digital gold.”

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.