Abra CEO Predicts Ethereum Could Reach $40,000 – But Some Fintech Analysts Don’t Agree
14 Marzo 2022 - 06:06AM
NEWSBTC
Bill Barhydt, the CEO and inventor of the well-known cryptocurrency
wallet service Abra, outlined why he believes Ethereum is a much
better investment than Bitcoin. He has also set a price prediction
of $40k for ETH, indicating his confidence in its future
development. He also noted that Ethereum is utilized for a variety
of reasons, such as DeFi, stablecoins, NFTs, and even games.
Furthermore, it has the “network effect,” which means that the
value of cryptocurrencies is likely to rise as the number of
customers grows, making it an even greater utility. Ethereum
Positive Use Cases Its central argument is that the use of Ethereum
is what makes it so valuable. Bitcoin’s network effects, according
to Bill, are changing it into a reserve asset that is trustless,
immutable, and cannot be manipulated; it is hard money. In terms of
flexibility, dependability, and value rise, Ethereum network
effects are much more practical in terms of short-term exponential
development. Furthermore, while Bitcoin’s quantity is fixed,
because of the burning of Ethereum, Bitcoin has become
deflationary, meaning its supply is actually diminishing over time.
ETH total market cap at $309.68 billion on the daily chart |
Source: TradingView.com Related Article | Ripple Welcomes More Than
4,000 Artists Into Its New NFT Platform Ethereum Seen To Unseat
Bitcoin As Top Crypto With that in mind, Ethereum is extremely
likely to dethrone Bitcoin over the next 10 years, some analysts
said. Ethereum, which has long been Bitcoin’s primary large-scale
rival, has several technological challenges that it would need to
solve to gain market domination. That’s precisely what Ethereum’s
developers hope to achieve with their upcoming upgrade to the
underlying blockchain, dubbed “Ethereum 2.0.” The upcoming changes
will include the implementation of a processing technique known as
“sharding.” Related Article | Apple Co-Founder Steve Wozniak
‘Feels’ Bitcoin Will Be Worth $100,000 Currently, all data added to
the blockchain version must be verified by all participating nodes.
But by incorporating sharding into the mix, Ethereum 2.0 can
significantly improve the efficiency of its resource usage. The new
system will accomplish this by dividing data verification tasks
among groups of nodes, with each node responsible for only
verifying the data it receives. This enables the entire blockchain
to use parallel processing, potentially increasing overall capacity
by a greater magnitude. Ethereum is transitioning from
proof-of-work (PoW) to proof-of-stake (PoS) consensus. It has been
planned as a vital part of the strategy to scale Ethereum through
upgrades. Negative Outlook For ETH ETH is priced at roughly
$2,577.25 early Monday, which is 0.39% lower than the previous day
as a result of rapid volatility rates. The crypto posted a low of
$2,493 and a high of $2,602 due to timely changes in crypto-assets
and revenues in the global cryptocurrency market. After all that
discussion, Barhydt concluded: “I suppose you are talking about
potentially between $30k and $40k Ethereum.” Meanwhile, Finder.com
said that a group of fintech professionals are more pessimistic in
their outlook than Abra’s chief executive. Previous predictions by
the panel had put the price of ETH at $51,798 by 2030. That figure
has been reduced to $26,338. Coingecko reports that Ethereum is
trading at $2,518, as of this writing. Featured image from YouTube,
chart from TradingView.com
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