Ethereum could become “ultra-sound” money, while Bitcoin may lose its relevance after reaching the 21 million BTC cap. Developer Justin Drake expressed this opinion.
The expert suggests reducing ETH issuance and increasing fee burning to restore deflationary trends. After The Merge updаte in September 2022, Ethereum’s supply started decreasing, but inflation turned positive again after Dencun.
By February 2025, the number of available coins returned to its two-year-ago level. Drake pointed out that BTC issuance is growing at 0.83% per year—66% faster than Ethereum. He believes that Bitcoin’s 21 million cap could pose long-term security risks, as miners receive 99% of their income from block rewards.
Ethereum also faces its own challenges. Drake acknowledged the issue of staking incentives, which lead to the displacement of the coin as a “pure” collateral. He also highlighted systemic risks due to the dominance of LST platforms like Lido.
