Alex Mashinsky, the CEO of Celcius Network has released a statement saying that Ethereum Flippening of Bitcoin is happening now in terms of dollars. Alex also discussed the utilization case for Bitcoin that is its store of value.

Ethereum Flippening of Bitcoin Is Happening, Celsius CEO Alex Mashinsky Says

David Lin, the presenter of Kitco News asked Alex about the chances of Ethereum surpassing Bitcoin in terms of valuation. In response to this, the CEO of Celcius Network replied:

“Ethereum already surpassed bitcoin in dollar terms as shown in the total holding of the Celsius community, and I think that the broader market will follow it in the next year or two. We will see that flippening happening in the broader market.”

Revealing his way of analyzing assets and making predictions on the basis of that, Mashinsky said:

“I take a look at the Celsius figures and listen to what the Hodler community at Celsius is telling me every day.” 

Well, in clear words, it can be said that Alex makes predictions on the basis of how many dollars a million people are holding on the Celcius Network and whether they have more Ethereum or Bitcoin.

Mentioning the overpowering of Ethereum on Bitcoin, he said:

“Ethereum surpassed Bitcoin in the last month or two. The first time that our million users had more than [Bitcoin] $17 billion in deposits, the total was held in dollar terms in Ethereum.”

Broader Acceptance of ETH in Near Future

The fact that both Ethereum and Bitcoin are distinct applications and will be experiencing greater acceptance in the future can not be ignored.

However, it should be kept on notice in accordance with the Celcius Network CEO that the layer two solutions of Ethereum will solve more problems.

As Ethereum is moving close to the EIP-1559 blockchain update, it is expected that the second-largest cryptocurrency will be gaining further.