Bitcoin maximalist Max Keiser has once again expressed his skepticism about Ethereum, predicting that its value will eventually drop to zero against Bitcoin.
Bitcoin only
Max Keiser, a prominent and often controversial figure in the Bitcoin community, has reiterated his criticism of Ethereum.
In his recent comments, Keiser argues that Ethereum, along with all other cryptocurrencies and financial assets, will ultimately fail in comparison to Bitcoin.
He has previously voiced the same criticisms about other altcoins like XRP, ADA, and SOL, deeming them centralized and therefore inferior to Bitcoin, which he considers the only truly decentralized cryptocurrency.
Keiser’s latest critique centers on several key points, as he arguess that Ethereum isn’t a commodity like Bitcoin and lacks the decentralized security that Bitcoin’s proof-of-work algorithm provides.
Instead, Ethereum operates on a proof-of-stake mechanism, which experts likens to traditional stakeholder voting systems where wealthier participants have more influence, open the gate for censorship.
In El Salvador, where Keiser advises President Nayib Bukele on Bitcoin, Ethereum and other altcoins are classified as unregistered securities, reinforcing his view that they are fundamentally flawed.
They can shut down a company, but they can’t stop an idea
Keiser’s assertions re-ignite ongoing debates within the cryptocurrency community regarding the nature and even the future of various digital assets.
His view that Ethereum will decline to zero against Bitcoin reflects a broader skepticism about the long-term viability of proof-of-stake cryptocurrencies and their regulatory status.
The U.S. Securities and Exchange Commission has already classified Bitcoin as a commodity due to its decentralized nature, a status that Ethereum briefly shared, but worth to mention recent discussions have cast doubt on whether Ethereum will maintain this classification.
The SEC’s recent approval of spot Ethereum ETFs, with the requirement that issuers remove staking options, clearly shows the regulatory challenges facing Ethereum, or other altcoins, simply because bureaucrats can regulate them trought their issuer, developer companies.
This move followed legal actions against U.S. exchanges Coinbase and Kraken for offering staking services, which included Ethereum.
Bitcoin, not crypto
Keiser’s critiques aren’t new or unique, he has consistently targeted altcoins, advocating for Bitcoin as the superior digital asset.
Historically, his views reflect of the cypherpunk Bitcoin community that views all other cryptocurrencies with suspicion, believing they undermine the decentralized, censorship-resistant, permissionless ethos that Bitcoin represents.
If Keiser’s predictions hold true, and many believe it will, it could signal a major shift in the cryptocurrency market dynamics, as the consolidation of Bitcoin’s dominance might lead to reduced interest and investment in alternative cryptocurrencies.
