After Bitcoin (BTC) closed July above $ 40,000, optimistic projections by market leaders began to flourish again. Dan Morehead, CEO of Pantera Capital, believes that the price of BTC will range from $ 80K to $ 90K by the end of the year, which is equivalent to a 100% jump in less than five months.
The businessman highlighted the growing adoption of digital assets by small investors and celebrated the progress of the different countries in regulatory matters. In fact, he suggested that this period constitutes a “transition phase” towards global adoption, where prices could skyrocket to extraordinary levels.
Morehead spoke about his expectations for the market at the Reuters Global Markets Forum and was encouraged to predict a price of $ 120,000 for the leading cryptocurrency by the end of 2022 and $ 700,000 in ten years.
Despite his optimism about BTC, the entrepreneur’s views on Ethereum are even more promising. The CEO leaned on ETH’s new EIP 1559 update to suggest that the benchmark altcoin will overtake BTC sooner or later. “You will see a transition of people who want to store wealth, doing it in ether instead of just bitcoin, “he stated.
As the experts have explained, the new EIP 1559 update replaces the current gas limit with two values; one long-term average goal and one with a strict limit per block. In addition, it will reduce the energy consumption of the network, which gives it added value in the midst of efforts to reduce the environmental impact of the market.