Celsius Network chief: Ethereum has already begun overtaking Bitcoin

The second-largest cryptocurrency has already begun to overtake digital gold, said Celsius Network chief executive Alex Mashinsky in comments to Kitco.

“We manage client deposits totaling about $17 billion, and the number one coin in dollar terms is Ethereum,” he said.

Mashinsky said assets would swap places in the market-cap ranking by 2022 or 2023.

“Ethereum has already surpassed Bitcoin in dollar terms among Celsius’s community-wide assets. I think the broader market will follow us in the next year or two,” added the head of the service.

Mashinsky suggested that the main trigger for Ethereum’s forthcoming dominance would be the divergence between the main use cases of digital assets.

According to him, Bitcoin is mainly used as a store of value, while the second-largest cryptocurrency is used for yield farming.

Earlier Celsius Network announced an investment of more than $200 million in digital gold mining in North America.

In late June, Mashinsky predicted Bitcoin’s price would reach $160,000.

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