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Large Asset Manager Predicts Bitcoin to $1 Million, Ethereum to $100,000
U.S. Global Investors Chief Executive Officer and Chairman of HIVE Blockchain Technologies, Frank Holmes, expects Bitcoin to go up above $1 million and that Ethereum rise to as much as $100,000
The head of the investment firm with almost $5 billion of assets under management makes his predictions based on Bitcoin’s scarcity and the growing adoption of cryptocurrencies, while currently only in the early phases. Holmes told Daniela Cambone of the Stansberry Research YouTube channel:
“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 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.”
Ethereum’s future is also looking bright according to the CEO. He wouldn’t be “surprised” to see Ethereum appreciate by over 2,000% from the current levels.
“It’s a $100,000. 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.”
Holmes concluded by commenting on nations working towards centralized digital currencies. “Every time there’s an attack on Bitcoin, Ethereum by governments, it is because they’re too slow,” he said. Pointing to China as the ones we need to keep an eye on:
“I believe the most advanced, really, is China.”
“One year ago today, bitcoin’s price was around $18,600. Today it’s above $58,000.
Ethereum was around $500 this time last year, and it’s over $4,000 today” pic.twitter.com/5TlFABzpid
— Frank Holmes (@bulldogholmes) November 19, 2021
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Author: Peter Siu