While Ethereum (ETH) fans are excited about Merge’s success, Swan Bitcoin CEO Cory Klippsten believes the update will lead Ethereum to a “slow slide into irrelevance and death.”
According to Klippsten, the Ethereum community chose the wrong time to separate the protocol from its dependence on energy. As many parts of the world are experiencing severe energy shortages, he believed the environmental narrative is taking a back seat.
In an exclusive interview with Cointelegraph, Klippsten said, “I think the world is waking up to reality and Ethereum just came out of Fantasyland at the wrong time.”
“It’s a really bad time to launch this narrative. It just seems stupid.”
According to some predictions, institutional capital will increasingly move away from Bitcoin (BTC) and flow into Ethereum unless Bitcoin moves away from the energy-consuming proof-of-work system.
Klippsten dismisses this narrative as false, citing that ultimately all valuable technologies must rely on real-world energy to function properly.
“If you don’t have some tie to the real world using the laws of physics, you’re basically creating some kind of metaverse fantasy land.”
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