Bitcoin Will Never Hit $69,000, Ethereum Merge to Blame

Kyle McDonald, a prominent crypto researcher revealed that “Bitcoin will never hit its All-Time High of $69,000 again.”
Open Sea, one of the biggest NFT marketplaces is in support of the merge and will only recognize NFTs from the PoS Ethereum chain.

The current crypto climate has seen investors and the crypto community differ in opinion. Others believe Bitcoin is headed for the ruins. Peter Schiff in particular believes Bitcoin will half from its current price of $20,000 to $10,000.

McDonald, A media artist, and crypto researcher warned that Bitcoin, which is currently facing hardships in the $19,746.31 mark, will never see its All-Time High of $69,000 again.

Speaking to a news outlet, McDonald stated that the long-awaited merge, happening just days away, will be a ground-breaking moment for the Ethereum community as it fully transitions from a Proof-of-Work algorithm to a Proof-of-Stake algorithm.

The full transition will see the PoS algorithm minimize Ethereum’s energy consumption by 99.5%. If the Ethereum foundation delivers the assumptions as promised, we will see investors and regulators realize that the PoW algorithm is unwarranted.

Kyle advised investors to let loose of their Bitcoin by selling them now. Kyle added that minimal coordination will get the whole network stuck with Pow indefinitely. He stated;

“When you’re moving from a system that is about generating as many random numbers as fast as possible with 10 million [graphic processing units] across the world, to a system that’s running on a few thousand computers that are pretty low energy, it’s going to make a huge difference.”

Will NFTs Fall Victim to the Merge?

Ethereum Miners have made it their business to create an Ethereum Hardfork that continues to use PoW, these could cause great implications for digital collectors. The hard fork could cause the duplication of NFTs on both networks. This could lead to the downfall of digital collectibles.

Open Sea, the world’s biggest NFT market place made an announcement through a tweet thread stating that in support of the Merge, Open sea will only be accepting NFTs from the fully transitioned PoS Ethereum network.

2/ First, and most importantly, we are committed to solely supporting NFTs on the upgraded Ethereum PoS chain.

— OpenSea (@opensea) August 31, 2022

Open Sea also added that it is in preparation for a smooth operation adding:

“While we don’t anticipate major issues, we also acknowledge this is a first! So we’re committed to monitoring, managing, and communicating throughout.”

The interview with Kyle didn’t turn out to be a walk in the park as many people expressed their opinions. One, Dogecoin’s co-founders Billy Markus said: