Home Latest News Billionaire Bill Miller Says Upcoming Ethereum Upgrade Will Leave Bitcoin With One...

Billionaire Bill Miller Says Upcoming Ethereum Upgrade Will Leave Bitcoin With One Massive Advantage Over ETH – The Daily Hodl


Legendary investor Bill Miller says the upcoming Ethereum (ETH) switch to a proof-of-stake network will saddle Bitcoin (BTC) with one huge advantage over the top altcoin.
In a new interview on The Investor’s Podcast Network, the billionaire investor says ETH’s switch from a proof-of-work to a proof-of-stake consensus mechanism could increase financial inequality, a problem that wouldn’t be found on the top crypto asset by market cap.
“The other thing with proof of stake is one of the big problems that people talk about as a problem in the United States is inequality. Well, proof of stake basically is the most unequal thing you can imagine, because the rich people make all the decisions.
And if you have more stakes, if you have more Ethereum at stake, meaning you own more of it than somebody else, you get whatever the votes are. It’s like if you own more shares than… If you own 50% of the shares of Berkshire Hathaway, you can determine what’s going to happen with Berkshire Hathaway.
And if you own 50% of the Ethereum, you decide what’s going to happen with it, and nobody else can say it. That’s a problem that Bitcoin doesn’t have. It’s truly democratic.”
Miller goes on to say he considers BTC as a sort of insurance against an economic meltdown, citing the political situations of Venezuela, Nigeria, Lebanon, Ukraine, and Afghanistan as examples.
“If you had Bitcoin, you were fine. Your Bitcoin is there. You can send it to anybody in the world if you have a phone. And so I consider Bitcoin basically an insurance policy against financial catastrophe of one sort or another.”
Miller revealed in January that half of his net worth was invested in Bitcoin.
Bitcoin is changing hands at $28,607 at time of writing, down 1.34% in the last 24 hours, while Ethereum is trading for $1,732, a 1.16% drop over the same timeframe.
Featured Image: Shutterstock/DMegias
Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology
Ripple and XRP • Altcoins
Blockchain • Regulators
Scams • Crypto101HodlX •
Industry Announcements
telegram logo JOIN US ON TELEGRAM
twitter icon circle JOIN US ON TWITTER
facebook logo trans 1 JOIN US ON FACEBOOK
© 2022 The Daily Hodl


Previous articleMicrosoft Explains the Windows 11 Start Menu No One Wanted – Review Geek
Next articleUniversity of Cincinnati adds teaching Bitcoin and crypto to curriculum – Finbold – Finance in Bold
Abhinav Breathes and Bleeds Technology. He's a humanoid with a passion for Gadgets, Cars, Gaming. You can usually find him on PSN Blabbering about his FIFA skills.