The CEO of an investment firm that manages billions in assets predicts that the price of Bitcoin (BTC) will hit the 7-digit mark, while Ethereum (ETH) will hit the 6-digit mark.
Frank Holmes, head of US Global Investors speak However, due to the scarcity and increasing acceptance of Bitcoin, the benchmark cryptocurrency could increase by around 1,600% over the next ten years from its current level.
“That is Metcalfe’s law. Because Bitcoin is limited to 21 million coins and Metcalfe’s law shows that the price can rise exponentially.
And what happened to PayPal will also happen to other payment channels. PayPal has made it possible for investors to buy a small portion of crypto on a weekly basis. And when it goes up, they can move out a bit to buy a TV or a new car. Same thing seen on Robinhood … you pay not $ 68,000, you pay only $ 680.
And now Bitcoin has an ETF (Exchange Traded Fund) that you can use to buy a fraction, even if it’s a derivative. And all of this is helping Bitcoin to gain more global acceptance. I think it could easily reach a million dollars or more. Maybe in the next 10 years. ”
Bitcoin is trading at $ 58,500 at the time of writing.
He added that he wasn’t “surprised” either that Ethereum was up around 2,250% from current levels.
“Ethereum will hit the $ 100,000 mark. That’s because it got drained after the recent upgrades. This restricts the offer. Combine it with more adopters and you will see ETH will increase according to Metcalfe’s Law. It’s going to grow exponentially and that’s what we see. ”
Ethereum is currently trading at $ 4,284.
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
According to Dailyhodl