KEY POINTS
- Sharma said he has been holding $ETH since it was trading at $4 but it's finally time to convert the coins to $BTC
- Some crypto users believe he should have made the conversion before Bitcoin prices surged
- Others said the crypto executive is making the wrong move as Ether will outperform Bitcoin soon
The cryptocurrency community engaged in a significant debate Thursday after Vik Sharma, the founder of crypto wallet Cake Wallet, announced that he and his wife will convert all their Ethereum (ETH) coins to Bitcoin (BTC).
Sharma said it was a "tough" decision to make, considering how they were early adopters of the world's second-largest crypto asset, but they believe "it's time" to jump ship.
Sharma's $ETH Journey Comes to an End
Sharma said he had a difficult time making the decision "because I was there when ETH launched on Coinbase at $4 and that's difficult to let go."
Hey all, my wife and I made a tough but, we believe, the right decision today:
— Vik Sharɱa 🇺🇸 (@vikrantnyc) November 14, 2024
We are converting all our #ETH to #Bitcoin. It’s a tough decision because I was there when ETH launched on Coinbase at $4 and that’s difficult to let go. It’s been a great ride, but it’s time.…
Ether, the native token of the Ethereum blockchain, has gone from a doubted digital asset to the world's second most valuable cryptocurrency. As of early Friday, the coin is trading at around $3,100.
Sharma admitted that his journey with Ethereum was "great" but that he and his wife have reached the conclusion that it was finally time to shift to Bitcoin, the world's most valuable crypto wallet, which is currently climbing back to $90,000 after dipping to $87,000 on Thursday.
The timing of Sharma's decision has become the key point of discussion among crypto users on X who are divided over whether it was actually the right choice or not.
Bitcoiners Laud Sharma's Move
Bitgrow Lab founder Vivek Sen was among the prominent names in the BTC community who congratulated Sharma's decision, as well as Benjamin Cowen, another crypto executive.
The performance of ETH/BTC over the last few years is a pattern we have seen before. As someone who has basically been "BTC only" since 2022, I do think ETH/BTC will bottom out within the next 2 months. It is definitely possible that ETH/BTC goes lower into EOY, but I think the… pic.twitter.com/JUTzPlSJ47
— Benjamin Cowen (@intocryptoverse) November 14, 2024
Cowen noted that while he believes Sharma should have made the conversion two and a half years ago, he also thinks "long-term BTC is a safer play than ETH so you could argue there is never a bad time to convert as ETH/BTCH has been putting in lower highs since 2017."
One user said Sharma should have made the trade "a few months ago," before Bitcoin hit new all-time highs (as high as $93,400), triggered by Donald Trump's U.S. presidential race win. On the other hand, the same user said it's "better late than never."
Others Insist Sharma's Timing is Off
For analyst @decodejar, Sharma's transition timing is wrong as he expects Ethereum to outperform Bitcoin soon. The said notion has some weight to it, given how Ether outperformed BTC a day after the U.S. elections.
I think the timing is wrong. Eth will out perform Bitcoin soon.
— Decode (@decodejar) November 14, 2024
Trader Vishag Kodisvaran agrees that Sharma's timing to convert his ETH into BTC is wrong. Kodisvaran said it is "likely best" to ride the Ether wave for the next 6-12 months before eventually deploying profits into the next bear market in Bitcoin.
Musician Gravez thinks it is "the worst time to make this decision" since every cycle, crypto holders dump their Ethereum before it outperforms BTC. He went on to urge Sharma to hold his ETH coins for one more year before making the Bitcoin conversion.
This is the worst time to make this decision. Every cycle, people dump $ETH right before it outperforms Bitcoin. All signs show $ETH has bottomed and is “healthy”, following the same patterns as last cycles. If you don’t need the money, please consider holding for another year. pic.twitter.com/eQ1aW3Bl7o
— Gravez (@GravezMusic) November 14, 2024
So far, BTC has outperformed ETH in the last seven days, climbing by over 17% compared to Ethereum's 6.7% spike, as per CoinGecko data. Both coins are down 2% and 3.5% respectively in the last day.
