Say What? Ethereum Co-Founder Predicts Ether To Triple In Value; Latest Of Many Wild Crypto Forecasts
He calls it the “flippening”. This is the seemingly imminent event which will see Ethereum bypass Bitcoin in market value, according to Ethereum co-founder Steven Nerayoff. Appearing on CNBC’s program ‘Fast Money’ on Monday, Nerayoff shared his wild prediction that the price of Ether – the native token of the Ethereum network – will triple in value by the year’s end.
Many will deem this forecast as highly irresponsible, however Nerayoff did at least provide some reasoning:
What you’re seeing with Ethereum is exponential increase in the number of projects – there are billions of dollars being poured into the ecosystem right now – maybe 10 times more projects this year than last year.”
As to why he thinks that Ethereum will become the premier cyber coin, leapfrogging Bitcoin, Nerayoff explained that “lower transactional costs are increasing usage of the entire network,” meaning that Ethereum stands to benefit from a more prominent network effect – something which has so far distinguished Bitcoin from its lesser-used competitors.
As of this writing, the price of Bitcoin (BTC) resides at $14,997 (USD), with Ethereum (ETH) at $1,195 – according to data from Bitfinex, via CoinMarketCap. Their market caps currently sit at $254.6b and $117.3b, respectively, meaning ETH would have to rise by over 117 percent in order to achieve premier status among cryptocurrencies (assuming BTC remains constant).
Illustrating the uncertainty surrounding the future of blockchain technology and cryptocurrency, some Harvard economics professors yesterday revealed how they anticipate Bitcoin to have a forgettable 2018.
Government intervention poses as a major roadblock for the legitimisation of cryptocurrency, according to the professors, who explained that,
anonymous payments would make it extremely difficult [for governments] to collect taxes or counter criminal activity.”
Adding to the recent forecasting bonanza was Bobby Lee, owner of the Chinese crypto exchange BTCC. Speaking at a recent event at HKFCC, he completed a thorough overview of Bitcoin, and in so doing, allegedly predicted the price of Bitcoin to pass $100,000 this year, en route to $150,000 by 2021. On December 20, he tweeted a price target of $55,000 (no timeframe provided).