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When it comes to cryptocurrency, Ethereum (ETH) has been in the vanguard of the market’s most recent upsurge, as the DeFi asset attempts to bridge the gap between itself and the market leader Bitcoin.
Ethereum Can Be The Number One
Speaking with Kitco News, Jason Urban, Co-Head of Galaxy Digital Trading, highlighted his prediction for Ethereum and Bitcoin values, as well as the progress made by the cryptocurrency industry in institutionalizing the second-largest cryptocurrency by market capitalization.
Urban mentioned Goldman Sachs‘ exposure to Ethereum via an Ethereum fund as an example of what is fueling institutional interest for the cryptocurrency.
As people become educated in the space and they understand what the value proposition of crypto is they start to understand the power of smart contracts that layer one that so many brilliant minds can build on. Ethereum is the copper, Bitcoin is the digital gold.
Jason Urban
Talking with Kitco News, Jason Urban, Co-Head of Galaxy Digital Trading, highlighted his prediction for Ethereum and Bitcoin values, as well as the progress made by the cryptocurrency industry in institutionalizing the second-largest cryptocurrency by market capitalization.
Urban mentioned Goldman Sachs’ exposure to Ethereum via an Ethereum fund as an example of what is fueling institutional interest for the cryptocurrency.
There’s scalability and things that now become very valuable and will allow ETH to grow and so smart institutional investors are seeing that. They’re not going to create a more ESG compliant crypto and that driving institutions into such a degree that we may see more institutional money going into Ethereum than Bitcoin because of the whole energy consumption angle.
Jason Urban
Close, but not enough
Mr. Urban, on the other hand, does not believe that the demise of Bitcoin is imminent, but rather that it will occur “within the next two to three years,” which he considers to be “probably the earliest” time frame.
Price Predistions by the Co-Head of Galaxy Digital Trading
Furthermore, the price of Ethereum is being debated in terms of a prognosis for its price at the conclusion of the calendar year. Urban noted that a lot of factors, including the Federal Reserve and what it wants to do in terms of inflation, as well as the situation in Ukraine, might have an impact on the outcome of the election.
If you had asked me at the beginning of the year, I would have answered that I believe bitcoin would reach $100,000 this year. Ether is around the $6,500 to $7,000 level.
Jason Urban
Urban acknowledges that there may be some headwinds, but he does not expect that they will be particularly severe.
However, if not by the end of 2022, the co-founder thinks it will be before the first or second quarter of next year, but that it will happen due to an overwhelming amount of individuals joining this field.
Finally, he feels that people don’t always recognize the value of cryptocurrency because they don’t understand it, but that there is a lot of value in this ecosystem as a result of this.
