Goldman Sachs says ETH become dominant store of value as Ethereum grow
Goldman Sachs shared a note to clients stating that the blockchain with the highest real use potential is Ethereum, suggesting its ETH could become the dominant digital store of value.
According to a report in Business Insider, Goldman Sachs predicts that Ether could overtake Bitcoin in the coming years in terms of total market capitalization.
Smart contracts comprise software enabling the automated execution of digital contracts, with the technology having facilitated the spike in decentralized finance (DeFi) protocols and crypto-powered decentralized applications (DApps).
The report noted that Bitcoin's first mover advantage had given it the stronger brand, however, they believe it lacks some of the use cases of Ether and lags in transaction speeds. As a result of its focus on hard money and network security, Bitcoin does not yet offer the same level of functionality as Ethereum.
Ethereum has grown more than 800% in the past year whereas Bitcoin grew 261% in the same period, which clearly shows that Ethereum is going to grow rapidly further.
However, banks and institutions aren't the only ones who've noticed Ethereum overtake Bitcoin in some substantial way. The founder and CEO of the Celsius Network said on Kitco News that Ether has already surpassed Bitcoin in terms of holdings among the platform's users and believed it would do so in the wider world in 2022 or 2023.