Bitcoin (BTC), the largest cryptocurrency market capitalization, said Michael Safai, managing partner at financial services firm Dexterity Capital, said it was solid and mundane. But it’s good.
“Bitcoin is going to be a boring grandpa in the room right now,” Safai told CoinDesk TV’s “First Mover” on Friday.
Indeed, much of the excitement in the crypto market is happening with Ether, the second-largest cryptocurrency by market capitalization, he noted.
While the upgrade will allow users to withdraw their staked ETH (reducing fees and freeing up space on the blockchain for more transactions), Safai said the U.S. He noted that “a lot is happening” on Ethereum, including the allegations of Officials say it’s security and should be regulated as such.
Bitcoin, on the other hand, is avoiding “all the investigation chaos,” he said. At least for now, the U.S. Securities and Exchange Commission seems content to treat Bitcoin as a commodity, unlike its view of Ether.
Safai said the Ethereum upgrade “changed the rules of the game.” There may be a reason why the market is enthusiastic from users.
“We have seen more activity on the options side and expect that to continue,” he said.