The CEO of an investment firm with billions of dollars in assets under management is predicting that the price of Bitcoin (BTC) will hit seven figures while Ethereum (ETH) will reach six.
U.S. Global Investors head Frank Holmes says that, due to Bitcoin’s scarcity and growing adoption, the flagship cryptocurrency can appreciate by around 1,600% from current levels over the next decade.
“It’s Metcalfe’s Law. And because Bitcoin is capped at 21 million coins and Metcalfe’s Law says that the price can grow exponentially.
And what’s happened, and has continued to happen by other channels and what happens with PayPal – PayPal allowed investors to buy fractions. And then as it went up, they could peel off a piece and buy a new TV. Or a car. So the idea that with Robinhood you can buy a fraction… you don’t have to pay $68,000, you could pay $680.
And now we have the ETF [exchange-traded fund] which allows the general public, even though it’s a derivative of a derivative, you can still buy a fraction. And all those allow greater adoption globally. So I think that it could easily be a million dollars, down the road. Might be in the next 10 years.”
Bitcoin is trading at $60,023 at time of writing.
The head of the investing firm which had $4.6 billion in assets under management as of May says that he wouldn’t be “surprised” to see Ethereum appreciate by about 2,250% from the current levels.
“It’s a $100,000 [for Ethereum]. It’s because the supply is locked. Anytime you cap supply and there’s a greater adoption then these prices will grow as Metcalfe’s law suggests. We’ll grow exponentially and that’s what we’re witnessing.”
Currently, Ethereum is trading at $4,250.
I
Check Price Action
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/NextMarsMedia/AM511
This news is republished from another source. You can check the original article here
Be the first to comment