According to Chris Burniske of Placeholder Capital, it’s possible.
Ethereum could hit $7,500 in the coming years
A rally to $7,500 would correspond with more than 3,000 percent in gains from the current price of $235.
— Chris Burniske (@cburniske) June 14, 2020
This is more than a hypothetical scenario to Burniske though.
He explained in the Twitter thread that it’s almost inevitable Bitcoin breaks $50,000 and that “ETH surpasses its all-time highs against Bitcoin” due to Ethereum’s “strong on-chain economies.”
The mainstream realizing that Ethereum is the next big thing, the “new kid on the block,” will result in an investment “frenzy” as well, Burniske explained. Presumably, the investor is talking about how everyone knows the “why” and “what” of Bitcoin but the same is not true for Ethereum.
A perfect case in point is the chart below of the search interest worldwide Google users have had in the “Bitcoin” and “Ethereum” terms over the past five years. There are about an order of magnitude more searches for “Bitcoin” than “Ethereum,” the chart shows, suggesting that ETH’s clout is still minimal.
Burniske’s optimism about the two leading cryptocurrencies is tied to the ongoing pandemic and its potential effects on the way the world works.
This was likely in reference to the growing sentiment that as COVID-19 ravages the world economy, individuals are starting to lose faith in traditional institutions and systems as money printing takes place, firms collapse, and governments act in ways that don’t satisfy everyone.
DeFi strongly bolsters the ETH bull case
Bolstering the sentiment that Ethereum eclipses its all-time high against Bitcoin is decentralized finance.
Ryan Selkis, chief executive of crypto researcher and data provider Messari, explained that the introduction of decentralized finance gives “ETH a higher ceiling” to rally towards in the long run than 2017/2018’s rally.
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