- The crypto community is interested in the current market trend of firms stacking BTC ahead of Ethereum
- Square and Paypal are two firms that may exclude Ethereum to gain Bitcoin payments monopoly
- Investors have been critical of Ethereum’s exclusion after square made huge BTC purchase
Ethereum News Today – A recent trend has given crypto analysts a cause for concern. Some new companies in the crypto market are stacking only BTC and excluding ETH. ETH is being left out of many new investment portfolios despite being popular for payments. Square”s $50 million BTC investment last week has highlighted this bias (although Jack Dorsey, Square’s CEO is a BTC advocate).
According to the most recent theory, both Paypal and Square are in a hurry to establish themselves as the key BTC payment intermediaries. They hope to do this before Ethereum launches ETH 2.0 later in the year.
As a Payments Network Ethereum Offers More Advantages
“Square and PayPal are now pro-BTC and cold on Ether because they want their retail payments to be in BTC.”
This adds more credibility to the previous observation made by the CTO of DTC Capital Spencer Noon. According to Noon Square’s reluctance to include ETH based payments on the CashApp may be a poor investment move. The theory was reportedly a reply to a tweet by Ari Paul (a crypto trends observer) who remarked that Paypal will offer support for BTC by this year’s end. By failing to list ETH for payments along with BTC, Square and Paypal have been working to stay ahead of Ethereum. ETH offers more benefits overall as a decentralized payment provider.
“They do not want to give Ethereum a platform as it offers a complete financial backup that disintermediates PayPal and Square.”
Investors Have Been Critical of Ethereum’s Exclusion After Square Made Huge BTC Purchase
Since Square’s recent BTC purchase, a good number of crypto investors have been critical of the exclusion of the second biggest crypto by market cap Ethereum. Even though Ether remains the best performing YTD (year-to-date) altcoin, it was still excluded. Ethereum’s founder Vitalik Buterin stated recently that there are many benefits to using ETH for payments. In his words:
“More users should support Ether for payments. The good thing about supporting ETH is that you are accepting Ethereum and getting support for tokens like MK, UNI, WBTC, and all stablecoins free of charge. There are already three layer-2 scaling solutions running on the Mainnet.”
Unlike Bitcoin, Ethereum is currently undergoing a controversial situation over its total supply. This issue has triggered arguments among experts who claim that it is a bad monetary policy. New investors like MicroStrategy didn’t invest in ETH as well. In any case, the preference for BTC over ETH could be categorized as a debate about money vs. crypto technology.
Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.
