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Prominent Bitcoin Whale Says Ethereum May Never Return to Its All-Time High – Here’s Why

July 24, 2020

One of the most public Bitcoin (BTC) whales in existence says he doubts Ethereum (ETH) will revisit its peak price of around $1,450.

In a series of tweets, the anonymous trader Joe007, who is known for placing large bets on the crypto exchange Bitfinex, explains why he believes people will eventually lose interest in the second-largest cryptocurrency. The whale says that in the long run, companies building Ethereum will likely seek alternative platforms with lower transaction fees.

“Neither has any need or use for ETH other than for fees. As fees get too high, so does the incentive to ditch Ethereum for something else.”

He thinks that Ethereum as well as Bitcoin Cash (BCH) will not return to their all-time high because traders who are easily persuaded and looking to make a quick buck will shift their attention to newer altcoins.

Joe007 is also a critic of decentralized finance (DeFi), describing it as a marketing campaign.

The reasons are many, how about this one. DeFi projects are are more risky than Ponzi schemes. In addition to expected exit-scam by project founders they can be unexpectedly hacked by external players. https://t.co/L6lj6v4DVJ

— Joe007 has nothing to teach you? (@J0E007) July 19, 2020

Although he’s bullish on Bitcoin in the long run, Joe hasn’t made any predictions on where the price of BTC may go.

“Bitcoin is so much more than just a currency. It’s a completely new social technology: non-political non-confiscatable self-sovereign extra-hard money. I expect it to precipitate transition of humanity to completely new economic and social order that will slowly emerge over time.” 

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Art Furnace