ConsenSys founder and Ethereum co-founder Joseph Lubin has unsaid that Ether (ETH) is transitioning to "ultrasound money" status alee of the London hard fork slated to activate around 12:30 pm UTC on Thursday.

During an interview with Bloomberg TV, Lubin was questioned on the imminent Ethereum Comeback Proposal (EIP) 1559 upgrade, which will see Ethereum transition away from a behest-based fee market to a fixed price and burn mechanism.

Lubin stated that the London difficult fork is office of a broader global motility, in which the first step is the "democratization of the Earth," and the second footstep is the democratization of the decentralized finance organization and the introduction of ultrasound money:

"The 2d step that'south in full play right now is the democratization of the global decentralized finance system. And this step is the introduction of something that people are calling ultrasound coin."

The term "ultrasound money" has been a long-running meme held in Ethereum-based communities, which mocks Bitcoiners who describe Bitcoin (BTC) as "sound money" due to its capped supply of 21 1000000.

The meme refers to the EIP-1559 proposal's burn down mechanism that could result in Ether'southward supply becoming deflationary after more than Ether is destroyed than created. Each transaction volition fire a base fee, resulting in a decreasing supply of the asset from now on. Some believe that it volition give ETH a stronger value proposition than Bitcoin as "ultrasound coin.

"So we're a fixed amount of gold on the planet. And the fixed supply of Bitcoin represents audio money to certain people. With $13 billion worth of Ether locked up in Ethereum 2.0 and $seventy billion locked up in decentralized finance, we have enormous demand for the Ether token," Lubin said.

"And at present we're called-for the Ether token with the introduction of the London difficult fork," he added.

Related: DeFi attracts 2.91M Ethereum addresses, according to ConsenSys

ETH seems unlikely to become deflationary before long after the London hard fork, and the upgrade doesn't ensure this by default. Twitter user Korpi highlighted on Monday that this "doesn't mean that ETH immediately becomes a deflationary asset. For that to happen, ETH burned must exist higher than ETH issued in block rewards." This is more likely later on the movement to proof-of-pale.

Bitcoin maxi Peter McCormack appeared unhappy with Lubin's interview and discussions of ultrasound money, noting on Twitter that:

"Ultra-sound money is a disingenuous use of language. It implies that Ethereum is improve money than Bitcoin. While directionally centralizing and operating with a flexible budgetary policy."

Twitter user BobMull12314085 establish the funny side, however, stating, "y'all maxis are and so sensitive."

The London difficult fork is a major milestone in the journeying to Ethereum 2.0, which will change the network's consensus algorithm from proof-of-work to proof-of-stake.