Joseph Lubin: Ethereum will be orders of magnitude larger than Bitcoin

Ethereum will become a “next-generation economy” and will be orders of magnitude larger than a “narrow monetary system,” said Joseph Lubin, head of ConsenSys and co-founder of the second-largest cryptocurrency, in an interview with Bloomberg.

Is Ethereum really ultra-sound money? @emilychangtv and @thestalwart talk to Ethereum co-founder Joe Lubin ahead of the «London Fork.»

Lubin says Ethereum will be «orders of magnitude» bigger than Bitcoin https://t.co/7UdrI2Gt6c pic.twitter.com/D8W06Kbs32

— Bloomberg TV (@BloombergTV) August 4, 2021

According to him, Ethereum’s ecosystem, which he compared to the Internet, already surpasses Bitcoin on many metrics.

“The Ethereum ecosystem has long surpassed the Bitcoin ecosystem in terms of developer activity, daily transaction volume, the value of the tokens, and the number of tokens,” Lubin stressed.

On August 5, 2021, the the London hard fork will take place on the cryptocurrency network. The update includes an EIP-1559, which involves burning part of the transaction fees. Lubin called this a step toward turning Ethereum into “superpowerful money,” adding that the coin is already in high demand.

He noted that the hard fork is an important milestone in the transition to ETH 2.0. Also, Lubin confirmed Vitalik Buterin’s claim that the second version of the network will be 1,000 times more energy-efficient than the current one.

After, at the Aspen Security Forum 2021, the chairman of the SEC Gary Gensler refused to answer whether Ethereum qualifies as a security, leaving the regulatory status of the second-largest cryptocurrency in question.

BREAKING: When asked to comment on whether Ethereum qualifies as a security under the Howey Test because it is under the control of so few people, SEC Chairman Gary Gensler refused to answer. #ETH

— Neil Jacobs (@NeilJacobs) August 3, 2021

However, Lubin believes that Ethereum is sufficiently decentralized to avoid being classified as a security.

Earlier, the CEO of ConsenSys said that the transition to ETH 2.0 may happen faster than most users expect.

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