Ether Machine founder claims ETH outperformed BTC over past 10 years
The Ether Machine Takes a Stand
Andrew Keys, co-founder of The Ether Machine, a new Ethereum investment firm, recently made a bold claim that investing in Ether a decade ago would have been more profitable than investing in Bitcoin. Keys stated on CNBC's Squawk Box that the price of Ether per Bitcoin has significantly improved over the past ten years, making investors 50 times wealthier had they owned Ether since Ethereum's inception. However, Keys later corrected this figure to 30 times in a post on X.
Ether Machine Plans to Go Public
The Ether Machine, chaired by Keys, is set to launch with over 400,000 ETH, valued at approximately $1.5 billion, making it the largest public vehicle for institutional Ethereum exposure. This surpasses the current holdings of Bitmine and SharpLink, with 300,000 and 280,000 ETH in their treasuries, respectively. Keys, who describes himself as an "Ethereum guy," stated that he does not own Bitcoin, likening the choice to preferring an iPhone over a landline.
Ethereum vs. Bitcoin Performance
While the comparison of Ether and Bitcoin returns over time may show Ether outperforming Bitcoin, it fails to provide a complete picture of the assets' growth since their inception. Bitcoin, created in 2009, has seen an increase in value of over 234 million percent, with Ethereum's genesis block being mined in 2015. Despite Ether gaining 236,837% since then, recent performance shows Ether trading sideways and down 23% from its 2021 peak, while Bitcoin reached a new all-time high in July and has gained 78% since its 2021 peak.
The Ether Reserve Goes Public
The Ether Reserve, now known as The Ether Machine, is planning to go public on the Nasdaq with backing of over $1.6 billion. Through a merger with Dynamix Corporation, a blank-check company (SPAC), the combined entity aims to capitalize on the growing interest in Ethereum. With investors showing a preference for Ether and believing it will close the gap to its all-time high in the near future, the launch of The Ether Machine could mark a significant milestone in the world of cryptocurrency investments.