Etherealize CEO says there is a high risk of committing a “51% attack” on the bitcoin blockchain

It would only cost $8 billion for a single player to capture a larger share of bitcoin’s hashrate at the moment

14.05.2025 - 10:00

2 min

What’s new? The founder of Etherealize, a project aimed at institutionalizing the Ethereum blockchain, has criticized Bitcoin’s security. The developer, under the nickname gphummer.eth, explained that it would currently cost $8 billion to carry out a “51% attack” on the bitcoin network, in which a single network participant captures the majority of the hashrate, and it will become almost inevitable when the cost of carrying out the attack drops to $2 billion (or 0,1% of the asset’s market capitalization).

Source: X.com

What else is known? According to the developer, the unreliability of bitcoin blockchain security “will become apparent over the next decade.” He called Ethereum the only truly decentralized crypto asset capable of meeting the needs of companies from the traditional finance sector that require the ability to conduct millions of transactions per second (TPS).

In addition, Ethereum is already the most popular blockchain for tokenizing real-world assets (RWAs) such as securities and real estate, and its adoption among merchants continues to grow. Ethereum accounts for 85% of tokenized RWAs, gphummer.eth noted.

This is how the Etherealize executive responded to criticism of Ethereum from podcast host and decentralized oracle network Chainlink (LINK) community member Zach Raines. The latter stated that Ethereum is currently showing failure in three aspects of performance.

Source: X.com

Raines states that ETH is losing out to bitcoin as a means of preserving value, and also fails to offer better scalability of the underlying blockchain compared to Solana and other Layer 1 (L1) networks. Finally, he believes that Ethereum is not the leader in blobspace scalability, and here the Celestia (TIA) network is its competition.

Raines emphasized that he himself is an ETH holder, but the project needs to solve a number of problems to succeed in the long term.

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