BTC and ETH are head to head ever since ETH grabbed the number two spot in the digital market. So far, Ethereum has scored a market cap of 17% approximately.
Bitcoin was already facing a decline in its popularity when Elon Musk added fuel to the fire by announcing that his company (Tesla) will no longer allow its customers to buy vehicles by using Bitcoin. In the recent market downfall, ETH also faced a punch in the face, but in the last week, it has regained 13% of the loss. Carnage in the digital market has forced many disbelievers to transpose their portfolios.
One of these relocators is Jim Carter, the host of the show ‘Mad Money. Now all his sympathies have shifted from Bitcoin to Ethereum. In a recent interview, Jim Cramer illustrated the reasons why he cherry-picked Ethereum over Bitcoin. He likes Bitcoin because people actually use it as a currency, not just something to buy and store for profit. He said he would keep buying Ethereum. He thinks that Ethereum has a bright future because when he goes shopping with both money and Ethereum, everybody wants ETH. It is a real currency, not just an investment.
He further said that he had sold all his Bitcoin, but he will buy Bitcoin again if its price comes near the $10k mark. Currently, Bitcoin is trading near $35k and trying to make up for the recent loss.
Cramer is not the only person to do this. It is a long list of migrators. Another reason for this Ethereum craze is the upcoming launch of Ethereum 2.0. The Crypto community is waiting desperately for the 2.0 update for a long while now, and the wait is not over yet. The schedule for phases 1 and 2 is 2021, while 2.0 will be launched in early 2022.
Talking about the crackdown by the Chinese government on Bitcoin, he said that he has already sold his Bitcoin, and he does not need them anymore.
It is not hidden that Cramer has a bittersweet relationship with Bitcoin. Once, he was a big fan and proponent of BTC. Gold let him down, and then he opted for Bitcoin and advised other people to sell their gold as well. He suggests everyone at least trade half of their gold with digital currencies. Now he is not hopeful of Bitcoin’s recovery due to structural reasons.