Crypto Firm CEO Forecasts Bitcoin to Reach $100,000 and Ethereum to Hit $4,000 by End of Year
On August 13, the CEO of Metafide, Frank Speiser, shared his insights and forecasts in an interview with Tim Stenovec and Katie Greifeld on Bloomberg TV. Speiser projected that Bitcoin could surge to $100,000 by the conclusion of 2024, a substantial rise from its current trading value of nearly $60,000. He attributed this potential surge to various crucial factors. One such factor is the emergence of new market participants, notably nation-states and spot Exchange-Traded Funds (ETFs), which are playing a significant role in shaping market dynamics. Speiser highlighted that nation-states, potentially influenced by former President Trump’s advocacy for a strategic Bitcoin reserve, might become major purchasers, consequently boosting demand. Additionally, he observed that spot ETFs have been consistently acquiring Bitcoin during price declines, ensuring a continuous upward pressure on buying.
Speiser underscored that due to Bitcoin’s fixed supply, the amalgamation of these new buyers and the ongoing acquisitions by spot ETFs could propel the price significantly higher. Barring a substantial economic downturn, he opined that these factors are likely to propel Bitcoin’s value to the $100,000 milestone.
In the same discussion, Speiser delved into the concept of a strategic Bitcoin reserve, a notion that gained traction following Trump’s proposal. Traditionally, countries hold foreign currencies like the US dollar in their reserves. However, Speiser suggested that Bitcoin could serve as a neutral alternative, enabling nations to conduct international transactions without relying on traditional fiat currencies. This shift could offer countries more flexibility in navigating global politics, especially as Bitcoin garners broader acceptance and market capitalization.
Regarding Ethereum, Speiser anticipated that its price could climb to $4,000 by the year’s end. He highlighted Ethereum’s supply, which is nearing its peak, as a pivotal element in his projection. With limited additional issuance expected, the stable supply could create favorable conditions for price escalation. Furthermore, he argued that the introduction of spot Ethereum ETFs in the US has bolstered buying pressure in the market as these funds accumulate Ethereum to support their shares. Simultaneously, staking on the Ethereum network, involving locking up Ethereum to validate transactions, diminishes the available supply, further fueling demand.
Apart from Bitcoin and Ethereum, Speiser briefly touched on Metafide’s role in the cryptocurrency domain. Metafide, renowned for providing blockchain ratings, utilizes AI to generate financial predictions. These predictions amalgamate human insight with AI algorithms to anticipate market movements, offering valuable insights to both retail and institutional investors.
