While Ethereum (ETH) fans are excited about the success of the merger, Swan Bitcoin CEO Cory Klippsten believes the upgrade will lead Ethereum to a “slow slide into irrelevance and ultimate death.”
According to Klippsten, the Ethereum community chose the wrong time to untether the protocol from its dependency on energy. As many parts of the world are experiencing severe energy shortages, he believes the environmental narrative is taking a backseat.
In an exclusive interview with Cointelegraph, Klippsten said: “I think the world is waking up to reality and Ethereum just went to fantasyland at the wrong time.”
“It’s really a bad time to unfold that narrative. It seems stupid.”
According to some predictions, institutional capital will increasingly move away from Bitcoin (BTC) and flow into Ethereum unless Bitcoin does not move away from the energy-intensive proof-of-work system.
Klippsten dismisses this narrative as false, citing that ultimately all valuable technologies need to rely on real-world energy to function properly.
“If you don’t have any connection to the real world using the laws of physics, you’re basically creating a kind of fantasy metaverse.”
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