Bitcoin maximalist Max Keiser has harshly criticized Ethereum (ETH), predicting that the cryptocurrency will eventually crash to zero against Bitcoin (BTC). Keiser, a former financial commentator and Wall Street trader, listed several reasons for his belief, which he shared on Twitter. He argues that Ethereum is not a commodity like Bitcoin, highlighting that Ethereum does not operate on the proof-of-work algorithm, which ensures decentralization. In contrast, Bitcoin's proof-of-work mechanism is a core aspect of its value proposition and decentralization.

Keiser also pointed out that in El Salvador, where he currently serves as a Bitcoin adviser to President Nayib Bukele, Ethereum and other altcoins are classified as unregistered securities. This classification contrasts with Bitcoin, which has been recognized by the U.S. Securities and Exchange Commission (SEC) as a commodity due to its decentralized nature. Although Ethereum was also later classified as a commodity, recent regulatory debates have put this status in question. The SEC's preliminary approval of spot Ethereum ETFs required the removal of staking options, following legal actions against U.S. exchanges like Coinbase and Kraken for their staking services, which included Ethereum.

Additionally, Samson Mow, another prominent Bitcoin maximalist, ridiculed VanEck's prediction that Ethereum could reach $22,000 by 2030. VanEck's forecast was based on the approval of spot Ethereum ETFs, advancements in Ethereum's scaling technology, and on-chain data analysis. Mow's skepticism underscores the broader doubt among Bitcoin enthusiasts about the long-term viability and value proposition of Ethereum and other altcoins.

Keiser's criticism of Ethereum centers on its perceived centralization, regulatory challenges, and reliance on a proof-of-stake mechanism. While Ethereum continues to gain traction with developments like spot ETFs, the ongoing debate about its regulatory status and technological differences from Bitcoin continues to fuel skepticism among staunch Bitcoin advocates.