Views of Anthony Sassano, co-founder of ETHhub.io see below👇
1, There is now $100 million worth of BTC tokenized on Ethereum. This is bearish for BTC and Bitcoin.
2, Why it's bearish for BTC (the asset):
- Tokenized BTC will always be a second-class citizen to ETH on Ethereum (can't pay fees or stake with it)
- It'll never be as trustless as ETH on Ethereum
- It literally becomes just another token/asset on Ethereum
3, Why it's bearish for Bitcoin (the network):
- Long-term, Bitcoin relies on fees for security. If most of the transactional vol happens on Ethereum instead, then Bitcoin loses fee revenue/security
- People may skip the Bitcoin network & go straight to Ethereum for BTC exposure
4, There is no stopping tokenized BTC (or any other asset) on Ethereum. Ethereum supercharges any asset by making it programmable and let's it play in the sandbox that is DeFi. ETH is and always will be king in this sandbox.
What do you think? Please feel free to share your ideas in comments.