Mike Novogratz, a well-known investor, and former hedge fund manager, recently called for a truce between the warring Bitcoin (BTC) and Ethereum (ETH) communities.
In a tweet, Novogratz questioned the polarising mindset frequently observed among cryptocurrency enthusiasts, emphasizing that both BTC and ETH have strong communities concerned about the future of their respective digital assets and are willing to invest significant capital in them.
The disagreement between the two camps originates from each coin’s different value propositions and functions.
Bitcoin, commonly considered a store of value and digital gold, competes with Ethereum, which seeks to provide a decentralized platform for various functions and good contracts.
This rivalry is pushed further by the concept of “flipping,” a hypothetical event in which Ethereum’s market valuation exceeds that of Bitcoin, establishing Ethereum as the dominant cryptocurrency.
The crypto mogul’s statement drew multiple responses, with some social media users agreeing that both cryptocurrencies can coexist and thrive. Others quickly observed that strife has its roots in human nature, which constantly results in divides based primarily on divergent views.
Novogratz claimed in a July 2021 interview with Bloomberg that Ether “might even grow to be the largest cryptocurrency at some point” but added that it would have a “very completely different” business case than the unique coin.