Vik Sharma Converts All His Ethereum (ETH) Coins to Bitcoin (BTC)

The cryptocurrency community engaged in a significant debate Thursday after Vik Sharma, the founder of crypto wallet Cake Wallet, announced that he and his wife will

Cryptocurrency community members engaged in a heated discussion Thursday after Vik Sharma, the founder of crypto wallet Cake Wallet, announced that he and his wife will be converting all their Ethereum (ETH) coins to Bitcoin (BTC).

Sharma, a known Bitcoin maximalist, revealed his decision on X, sparking a wave of reactions from both Bitcoiners and Ethereum enthusiasts.

In his post, Sharma shared his journey with Ethereum, highlighting the moment he witnessed the coin's launch on Coinbase at $4. He admitted that it was a difficult decision to leave ETH, given their early involvement.

"Hey all, my wife and I made a tough but, we believe, the right decision today: We are converting all our #ETH to #Bitcoin," Sharma wrote on X.

"It’s a tough decision because I was there when ETH launched on Coinbase at $4 and that’s difficult to let go. It’s been a great ride, but it’s time."

The news comes as Ether, the native token of the Ethereum blockchain, has risen to become the world's second most valuable cryptocurrency, currently trading at around $3,100.

Sharma's decision to shift to Bitcoin, the world's most valuable crypto wallet, is also notable as BTC is currently climbing back to $90,000 after dipping to $87,000 on Thursday.

The timing of Sharma's decision became a key point of discussion among crypto users on X, who were divided over whether it was actually the right choice or not.

Bitcoiners Laud Sharma's Move

Among the prominent names in the BTC community who congratulated Sharma's decision were Bitgrow Lab founder Vivek Sen, as well as Benjamin Cowen, another crypto executive.

"The performance of ETH/BTC over the last few years is a pattern we have seen before. As someone who has basically been "BTC only" since 2022, I do think ETH/BTC will bottom out within the next 2 months," Sen wrote on X.

"It is definitely possible that ETH/BTC goes lower into EOY, but I think the performance will ultimately drag BTC up into the next new highs. I personally don’t think it matters whether you are 100% BTC or 90% BTC / 10% ETH (like @vikram_sharma_) long-term BTC is a safer play than ETH so you could argue there is never a bad time to convert as ETH/BTCH has been putting in lower highs since 2017."

Cowen noted that while he believes Sharma should have made the conversion two and a half years ago, he also thinks "long-term BTC is a safer play than ETH so you could argue there is never a bad time to convert as ETH/BTCH has been putting in lower highs since 2017."

"I think the timing of this trade is very important and I personally would have made this trade 2.5 years ago (March 2021) when ETH/BTC last visited 0.05 BTC," Cowen added.

"However, you could also argue that the timing doesn’t matter and it’s always a good time to convert a portion of ETH to BTC as ETH/BTC has been putting in lower highs since 2017. I personally believe that over the long-term BTC is a safer play than ETH."

One user said Sharma should have made the trade "a few months ago," before Bitcoin hit new all-time highs (as high as $93,400), triggered by Donald Trump's U.S. presidential race win. On the other hand, the same user said it's "better late than never."

Others Insist Sharma's Timing is Off

For analyst @decodejar, Sharma's transition timing is wrong as he expects Ethereum to outperform Bitcoin soon. The said notion has some weight to it, given how Ether outperformed BTC a day after the U.S. elections.

"I think the timing is wrong. Eth will out perform Bitcoin soon," the user wrote on X.

Trader Vishag Kodisvaran also agrees that Sharma's timing to convert his ETH into BTC is wrong. Kodisvaran said it is "likely best" to ride the Ether wave for the next 6-12 months before eventually deploying profits into the next bear market in Bitcoin.

"I think it's best to ride the $ETH wave for the next 6-12 months, then deploy those profits into the next bear market in Bitcoin," Kodisvaran said on X.

"It's likely best to ride the wave of the outperforming asset, especially if you're planning to deploy those profits into the next bear in BTC."

Musician Gravez thinks it is "the worst time to make this decision" since every cycle, crypto holders dump their