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.
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The post Bitcoin and Ethereum Will Explode by Over 1,600%, Says CEO of Billion-Dollar Investment Firm appeared first on The Daily Hodl.