Bitcoin is own worst enemy and will lose to Ethereum
Bitcoin is too slow when compared to Ethereum and other proof-of-stake networks, argued Cardano founder, Charles Hoskinson. IOHK CEO and Ethereum co-founder, Charles Hoskinson, has argued that Bitcoin sits at a significant competitive disadvantage due to its slow speeds and will be usurped by proof-of-stake networks.
In a five-hour Podcast with computer scientist and AI researcher, Lex Fridman, the Cardano founder argued that proof-of-stake networks offering superior speed and functionality over the original cryptocurrency, stating: “The problem with Bitcoin is that it is so slow — it's like the mainframe programming of the past. The only reason it's still around is because there is so much invested in keeping it around.” “You have to upgrade the damn thing!” Hoskinson exclaimed regarding Bitcoin’s underlying Proof-of-Work consensus mechanism, emphasizing that Bitcoin’s programmatic utility lags behind its competitors.
Hoskinson also criticized the Bitcoin community for being reluctant to innovate beyond the cryptocurrency’s base-layer, also describing Bitcoin’s second-layer scaling solutions as “highly fragile.” “It [Bitcoin] is its own worst enemy. It has the network effects, it has the brand name, it has the regulatory approval. But, there’s no way to change the system, even correcting obvious downsides in that system.”
However, Cardano’s founder argued that Ethereum has grown to rival Bitcoin’s network, but has a nimble development culture that embraces evolution.
“What’s really cool is that Ethereum does not suffer that problem [...] it's getting to the point where it has the same network effect as Bitcoin, but the community has a completely different culture, they love evolving and upgrading,” he said, adding: “If I had to bet between just those two systems, I’d say nine times out of ten Ethereum is going to win the fight against Bitcoin.”
Hoskinson did however acknowledge the battle for crypto dominance is a “much more complex game” than competition between Bitcoin and Ethereum, asserting that many other blockchains are now vying for major blockchain market share, unsurprisingly naming Cardano among others.
Top Cryptocurrencies with Price Predictions
| # | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
| 1 |  BTC |
Bitcoin predictions | 61.2% | 79 | $28 532.89 | -0.14% | 3.93% | $551 670 149 541 |  |
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|---|---|---|---|---|---|---|---|---|---|---|
| 2 |  ETH |
Ethereum predictions | 68.8% | 61 | $1 824.10 | -0.20% | 4.92% | $219 727 600 320 |  |
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| 3 |  USDT |
Tether predictions | 92.8% | 1 | $1.000316 | 0.02% | -0.05% | $79 719 012 525 |  |
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| 4 |  BNB |
Binance Coin predictions | 74.4% | 55 | $315.64 | -0.57% | -2.11% | $49 835 690 238 |  |
|
| 5 |  USDC |
USD Coin predictions | 92.8% | 2 | $0.999876 | 0% | 0.01% | $32 523 408 102 |  |
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| 6 |  XRP |
XRP predictions | 61.2% | 82 | $0.511375 | -5.49% | 14.38% | $26 426 923 668 |  |
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| 7 |  HEX |
HEX predictions | 64.8% | 68 | $0.079733 | -11.69% | -4.21% | $13 826 597 050 |  |
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| 8 |  ADA |
Cardano predictions | 76.8% | 41 | $0.395366 | -1.54% | 12.31% | $13 736 058 748 |  |
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| 9 |  DOGE |
Dogecoin predictions | 82% | 23 | $0.082097 | 6.31% | 11.45% | $11 392 170 316 |  |
|
| 10 |  STETH |
Lido stETH predictions | 91.2% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 |  |
|
| 11 |  MATIC |
Polygon predictions | 84.8% | 26 | $1.12 | -0.51% | 3.83% | $10 126 762 079 |  |
|
| 12 |  SOL |
Solana predictions | 79.2% | 36 | $21.17 | -1.11% | 3.92% | $8 163 446 069 |  |
|
| 13 |  BUSD |
Binance USD predictions | 93.2% | 1 | $0.999556 | -0.03% | -0.01% | $7 553 833 722 |  |
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| 14 |  DOT |
Polkadot predictions | 83.6% | 28 | $6.34 | 0.07% | 7.60% | $7 432 742 823 |  |
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| 15 |  LTC |
Litecoin predictions | 71.6% | 50 | $92.91 | 3.13% | 1.69% | $6 746 413 734 |  |
