Both bitcoin and Ethereum are bubbles, but you should bet on the first cryptocurrency. This was stated by Andrew left, the author and editor of Citron Research, writes CoinDesk.

Left admitted that he was attracted to the idea of an asset capable of taking on the role of digital gold. Although he doubts the success of bitcoin, Ethereum, in his opinion, has even less potential.

"I would rather spoil Ethereum than bitcoin. It is unlikely that the rate of ETH will continue to grow thanks to the tokens and decentralised applications, the existing it ecosystem," said Andrew left.

He said he believes bubbles are both cryptocurrencies.

"But if we're wrong about one of them, it's bitcoin," the analyst said.

According to him, Ethereum supporters also make a logical mistake called "circle in proof," arguing that the cryptocurrency "will grow because it will grow."

Previously, left criticized the payment startup Square, which earlier this year added the ability to buy and sell bitcoin, and applied for a new York BitLicense. He said that the company's shares are likely to fall from $49 to $30.

"Wall street is intoxicated with the absurdity of bitcoin. The contribution of SQ — Cash to BTC trading was insignificant," left wrote, adding that he would not be surprised if the startup did not work on cryptocurrency.

Recall that in early April, co-founder and Executive Director of the Bitcoin Foundation John Matonis said that fears associated with the "bubble" of cryptocurrencies are unfounded, and bitcoin is a needle rather than a bubble.

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