Bitcoins - about to hit $5,000 per coin today!

[gib]

Eth has performed terribly to BTC, to the extent that it even makes sense to compare them.

The peak value of Eth relative to BTC was way back in June 12, 2017.

On June 12 2017, 1 ETH was worth 0.148 BTC. Back then, Eth was trading around $398 and BTC was at $2,701.

By Feb 5 2018, Eth has fallen to 0.103 BTC.

By May 29 2018, Eth has fallen to 0.084 BTC.

By Feb 15 2023, Eth has fallen to 0.07 BTC.

And as of now, 28 October 2025, Eth has fallen to 0.035 BTC.

That is not to say that Eth has not performed well against other assets, including the USD. But its performance and continued loss of value to BTC has been consistent, striking, and obvious when compared to BTC over time. As I have continuously explained many times, his trend will of course, for obvious reasons, continue over time (albeit with little blips along the way).

[obsidian]

Exactly. And that is exactly the problem for Eth (as an investment).

It’s a problem for BTC, not ETH. Bitcoin needs high transaction fees to offset its shrinking block rewards — but fees currently make up less than 1% of miner revenue. Have you actually done the math?

ETH, on the other hand, scales with activity. As network usage grows, so does its revenue. Bitcoin hasn’t evolved to scale like Ethereum. Its “digital gold” HODL narrative directly conflicts with the need for frequent transactions and high fees. So where are all these transactions supposed to come from once block rewards hit zero?

BTC’s price still hasn’t even doubled from its 2021 all-time high — yet miners need it to do at least that just to match 2021 revenue, since block rewards have already been cut in half. Meanwhile, costs like energy, property taxes, and hardware keep rising. Miners don’t get a pass on inflation.

Let’s not forget how fast rewards are disappearing:

6.25000000000 BTC (2024) 1
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3.12500000000 BTC (2028) 1/2
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1.56250000000 BTC (2032) 1/4
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0.78125000000 BTC (2036) 1/8
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0.39062500000 BTC (2040) 1/16
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0.19531250000 BTC (2044) 1/32
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0.09765625000 BTC (2048) 1/64
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0.04882812500 BTC (2052) 1/128
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0.02441406250 BTC (2056) 1/256
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Bitcoin’s model relies on ever-higher fees and prices to stay alive — but its own design discourages both.

[obsidian]

Eth has performed terribly to BTC, to the extent that it even makes sense to compare them.

The peak value of Eth relative to BTC was way back in June 12, 2017.

On June 12 2017, 1 ETH was worth 0.148 BTC. Back then, Eth was trading around $398 and BTC was at $2,701.

By Feb 5 2018, Eth has fallen to 0.103 BTC.

By May 29 2018, Eth has fallen to 0.084 BTC.

By Feb 15 2023, Eth has fallen to 0.07 BTC.

And as of now, 28 October 2025, Eth has fallen to 0.035 BTC.

That is not to say that Eth has not performed well against other assets, including the USD. But its performance and continued loss of value to BTC has been consistent, striking, and obvious when compared to BTC over time. As I have continuously explained many times, his trend will of course, for obvious reasons, continue over time (albeit with little blips along the way).

When Ethereum launched in 2015, 1 BTC could buy 2,000 ETH. Today, it buys only 27 ETH.

Ethereum is six years younger than Bitcoin, yet its market cap is already triple Bitcoin’s 2020 valuation (last time I checked). ETH’s growth rate has been faster across every metric that matters — adoption, utility, and ecosystem development.

BTC only outperformed ETH since the 2021 ATH because of regulatory headwinds. Gensler and the SEC did Ethereum no favors — they slowed it down. Not because it’s weaker, but because it threatens the old system more directly.

Bitcoin has the marketing edge. It’s been sold as “digital gold” to the masses for years. Everyone’s heard of Bitcoin. Most people still don’t know what Ethereum actually is (or heard of it), even though it powers nearly everything in Web3.

Ethereum’s adoption curve is still early. Bitcoin’s story is already priced in. ETH’s is just getting started IMO.

[obsidian]

All BTC needs is miners to be incentivized to mine - which if course the are, with miners ever fighting to become more efficient, and with hash rate ever increasing at at a record high: See https://bitinfocharts.com/comparison/bitcoin-hashrate.html#3y

Hash rate going up ≠ miners thriving. It just means newer ASICs and bigger farms are pushing smaller players out. Efficiency gains aren’t the same as profitability — and miners can’t “will” BTC’s price or fees higher to stay solvent.

[obsidian]

Same reason that people thought that any business whose stock price was overvalued eventually lost their money. Short term market is a voting machine "they thought it was valuable", long term its a weighing machine. I can't believe this is not obvious to you, but Eth will over time, gravitate to the value of its discounted cash-flow, and because its utility (unlike Gold or BTC) is not store of value (whether analogue or digital). The battle over that false narrative has already long been lost.

As to Eth being a "scarce asset" therefore it has value argument, that is absolute nonsense. Any crypto created is a "scarce asset". You need to look into further factors, in deciding which of the infinite number of such assets have the traits that will make it the most desired store of value among others. How secure, how widely adopted, how liquid, how it was created, risk it can be compromised, etc. I could do a shit on piece of paper. It would be a "scarce asset", but that would not ensure that it has, or retains value.

As for "here's only 6 ETH for 1 BTC. The current ratio is a gift to Bitcoin maxis", you surely know yourself this is totally deceptive nonsense. There are a certain number of any thing to 1BTC, be it gold, silver, Nvidia stock, frogs or lemons. This does not mean that those things will appreciate against BTC - indeed quite the opposite - all will depreciate in value against BTC over time. So, not sure what point you are trying to make here, but either way, it's totally irrelevant to the value of Eth, especially in any case, given that the total supply of Eth is not fixed.

You can’t claim PE ratios “don’t apply” to BTC — they can’t apply, because BTC earns nothing. ETH generates revenue and burns supply. Bitcoin just burns electricity. ETH is a productive asset; BTC is a static one.