Legendary investor Bill Miller says the upcoming Ethereum (ETH) switch to a proof-of-stake network will saddle Bitcoin (BTC) with one huge advantage over the top altcoin.
An enger neier Interview on The Investor’s Podcast Network, the billionaire investor says ETH’s switch from a proof-of-work to a proof-of-stake consensus mechanism could increase financial inequality, a problem that wouldn’t be found on the top crypto asset by market cap.
“The other thing with proof of stake is one of the big problems that people talk about as a problem in the United States is inequality. Well, proof of stake basically is the most unequal thing you can imagine, because the rich people make all the decisions.
And if you have more stakes, if you have more Ethereum at stake, meaning you own more of it than somebody else, you get whatever the votes are. It’s like if you own more shares than… If you own 50% of the shares of Berkshire Hathaway, you can determine what’s going to happen with Berkshire Hathaway.
And if you own 50% of the Ethereum, you decide what’s going to happen with it, and nobody else can say it. That’s a problem that Bitcoin doesn’t have. It’s truly democratic.”
Miller goes on to say he considers BTC as a sort of insurance against an economic meltdown, citing the political situations of Venezuela, Nigeria, Lebanon, Ukraine, and Afghanistan as examples.
“If you had Bitcoin, you were fine. Your Bitcoin is there. You can send it to anybody in the world if you have a phone. And so I consider Bitcoin basically an insurance policy against financial catastrophe of one sort or another.”
Miller weisen in January that half of his net worth was invested in Bitcoin.
geschriwen is changing hands at $28,607 at time of writing, down 1.34% in the last 24 hours, while Ethereum is trading for $1,732, a 1.16% drop over the same timeframe.
I
kontrolléieren Präis Action
Verpasst kee Beat - abonnéieren fir Krypto E-Mail Alarmer direkt an Är Inbox geliwwert ze kréien
Follegt eis op Twitter, Facebook an Hëllefe profitéieren
Surfen Den Daily Hodl Mix
Disclaimer: Meenungen ausgedréckt am The Daily Hodl sinn net Investitiounsberodung. D'Investisseure sollten hir Due Diligence maachen ier se héich riskéiert Investitiounen an Bitcoin, cryptocurrency oder digital Verméige maachen. Gitt u Berodung datt Är Transferen an Trades op Ären eegene Risiko sinn, an all Verloscht déi Dir leet, ass Är Verantwortung. Den Daily Hodl empfeelt net de Kaf oder de Verkaf vu Krypto-Währungen oder digital Verméigen, an och ass den Daily Hodl keen Investitiounsberoder. W.e.g. notéiert datt den Daily Hodl am Partnermarketing matmaacht.
Featured Image: Shutterstock / DMegias
Source: https://dailyhodl.com/2022/05/28/billionaire-bill-miller-says-upcoming-ethereum-upgrade-will-leave-bitcoin-with-one-massive-advantage-over-eth/