Bankless

SotN#27: Is ETH Money? w/ Ryan Selkis (2020 Recap & 2021 Horizon)

Dec 16, 2020
Ryan Selkis, the founder of Messari and crypto analyst, shares his insight on Ethereum's future as a form of money. He reflects on the major trends of 2020 and forecasts for 2021, emphasizing a cautious view on ETH's role compared to Bitcoin. The conversation navigates the evolving nature of crypto, highlighting DeFi's rise and the contrasting narratives of Ethereum's multifunctionality versus Bitcoin's simplicity. Selkis discusses the challenges of institutional interest and what lies ahead for these leading cryptocurrencies.
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INSIGHT

Digital Money Debate

  • Bitcoin and Ether aren't money in the traditional sense; they primarily store value.
  • The debate is about which has more potential as digital money, focusing on monetary premiums.
INSIGHT

Ethereum's Competition

  • Bitcoin has fewer direct competitors, while Ethereum faces many so-called "ETH killers."
  • These "killers" mainly compete amongst themselves, not directly against Ether's monetary value.
INSIGHT

Reservation Demand Shift

  • ICOs drove early Ether demand, but DeFi doesn't require ETH in the same way.
  • Stablecoins compete with both Bitcoin and Ether for reserve currency status in various applications.
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