Ethereum is Useless?
So says Tony Vays:
Tone Vays: Ethereum Is Useless — Bitcoin Price Could Hit $100K in 2023
FF: $100,000 for Bitcoin seems like a tall order and it would push Bitcoin over a $1 trillion market cap. This means Bitcoin would begin to encroach on the space occupied by the Gold market.
Do you think $100,000 is achievable under the right circumstances over the next couple of years?
TV: I do think that $100,000 for a Bitcoin is achievable after this upcoming halving, but remember, we will have 4 more years until the next halving sometime in February or March of 2024.
If Bitcoin is to hit the $100,000 vicinity, it will most likely be late 2023 as speculation rises going into the next halving. Like all other unsustainable exponential rises however, I can also see it falling back down to $20,000 to $25,000 area for another major correction. Remember, the faster we rise, the harder we fall.
FF: What sort of fundamentals would be necessary to get us there from a technical point of view (developmental or other)?
TV: I am keeping an eye on several global catalysts that can drive Bitcoin’s value to $100,000 even tomorrow:
Back in 2013, we had the Cyprus banking crisis, then in 2015 the Greek banking shutdown. If similar events in Europe are to repeat I think it will drive Bitcoin sky high.
Just imagine if the Brexit vote takes place in a country actually on the Euro like Italy or Spain, their citizens will rush into bitcoin for financial safety.
The continued war on cash, tax evasion & money laundering. As more and more Developed nations try to eliminate cash and implement negative interest rates, this can drive many people into Bitcoin.
Within our own space, there is still plenty of people invested in shitcoins. I had greatly underestimated how much Bitcoin would rise in 2019 with a small group of major shitcoins like Litecoin, Ether and XRP.
Even though Bitcoin is already at 70% dominance, Ethereum still takes up another 20%. Once people fully realize how useless and unstable that project is, a mass exit out of Ether can actually drive Bitcoin very high due to Bitcoin’s low liquidity to handle a run on the Ethereum bank.