Tether CTO Paolo Ardoino stated that Ethereum cannot compete with Bitcoin as a currency.
Tether and Bitfinex CTO Ardoino said he is stuck on whether Ethereum is a platform or a coin.
Tether CTO Compares Ethereum to Bitcoin
Speaking to The Block, Tether CTO said:
“While Bitcoin is a form of money, Ethereum is caught between claims as a coin or a platform. Eth cannot compete with BTC when viewed as a currency. Because Ethereum doesn’t have a fixed supply, it’s in a similar situation globally, and it’s too slow to scale.”
The Merge upgrade, which will enable Ethereum to transition from proof-of-work to proof-of-stake, promises to reduce energy consumption by 99%.
Ardoino continues:
“Merge will not fix transaction fees or make Ethereum more decentralized. Mege has brought Ethereum into focus, but what do we have?”
Tether CTO added that Merge will not have an impact on Tier 2 solutions as Ethereum does not directly address scalability issues.
“The real message here is not what Merge is going to change, but what asset is in a ready position, which includes true decentralization and provides the main theme of the industry. As a matter of fact, Bitcoin is the only unchanging asset with a solid narrative.”
Ardoino joined the cryptocurrency exchange Bitfinex in 2014 after reading the Bitcoin whitepaper in 2012 and was promoted to the CTO position two years later. Ardoino takes on the same role in Tether.
