According to Michael Safai, managing partner at financial services firm Dexterity Capital, Bitcoin (BTC) is currently steadfast and mundane, earning it the moniker of “boring old grandpa” in comparison to the excitement surrounding Ethereum (ETH). Safai told CoinDesk TV’s “First Mover” on Friday that Bitcoin’s rally may be due to its simple and familiar story, making it a safer choice during uncertain economic times.
While ETH experienced a major upgrade with the Shanghai upgrade, known as Shapella, raising concerns of sell-offs, it instead saw a price increase to over $2,000, beating out Bitcoin in options trading for the first time this year. Safai noted that a lot is happening with ether, including allegations from US government officials that it is a security and should be regulated as such. Bitcoin, however, is sidestepping the investigations, and for now, the US Securities and Exchange Commission views it as a commodity.
Safai believes that the upgrade has changed the rules of the game for Ethereum, resulting in excitement from users and increased activity on the options side.