Gemini co-founder and Bitcoin billionaire Cameron Winklevoss says Ethereum’s worth is not reflected in its market cap and that the booming decentralized finance (DeFi) sector is still in its infancy.
In an interview with crypto YouTuber Layah Heilpern, Winkelvoss compares Ethereum to an operating system like iOS or Windows – something with the potential to serve countless functions on the web – and that potential is what makes ETH so undervalued.
“It’s really hard to put a ceiling or a framework on creativity, and what that means. So how do you value that? I can tell you that at $1,500 ETH – today it’s $1,600, but the all-time high was breached a day or two ago, and that was reached three years ago – and the amount of work that’s gone on, and the development in the maturity of the network in the past three years, you’re looking at Ethereum basically at its all-time high, it feels really undervalued where it currently is. Bitcoin is close to twice it’s all-time high of three years ago so we think there’s a lot of value there and love the endless possibilities and nature of it.”
Looking at DeFi, the crypto titan also confirms that he and his twin brother Tyler are in full support of the nascent space. According to them, DeFi is just getting started.
“We’re definitely pro DeFi. We’ve listed dozens of DeFi tokens on Gemini, we’re really very supportive. It’s early days, right, and it’s in the process of sort of building the building blocks within money legos and putting themselves together and re-architecting centralized finance.
There’s risk. It’s not the most user-friendly experience. There’s definitely risk. some projects will fail spectacularly and some of them will be incredibly successful. It’s new, and that has to be sort of the lens at which you approach it.”
Contrary to the opinions of many Bitcoin maximalists, Winklevoss feels that DeFi does not need to compete with Bitcoin because they serve different purposes within the crypto sector.
“I think what’s happening is the foundational start of it is really amazing, and it doesn’t compete with Bitcoin. That’s one of the big things and unfortunately, you see as people become ‘maxis’ or maximalists and they’re like ‘Only Bitcoin’ or ‘Only Ethereum’ or ‘Only whatever token’ and it doesn’t have to be the case because they’re solving totally different things…
The world’s best gymnasts in the world looks a lot different than the world’s best bodybuilder. They’re both phenomenal at what they do but a gymnast wouldn’t be a great bodybuilder and vice versa… They’re doing different things and there’s room for a couple of amazing projects.”
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