A senior executive at Galaxy Digital has said that the leading crypto assets Bitcoin (BTC) and Ethereum (ETH) could double their prices by the middle of next year.
Jason Urban, co-head of commerce at Galaxy Digital, said in a new interview with Kitco News that BTC and ETH are bound to reach new highs and that the two most valuable digital assets could rise 100% by the second quarter of 2023.
However, Urban thinks that the tension between Russia and Ukraine has increased the uncertainty for the cryptocurrency markets. Therefore, although the price did not give the desired answer to the forecast, he made a forecast based on the beginning of the year:
“If you had asked me at the beginning of the year, I would have said that I believe Bitcoin will reach $100,000 this year. For Ethereum, this estimate would be the $6,500 to $7,000 level. […]
So if not end of year, first quarter of next year [veya] It could be the second quarter. It will happen. Lots of people stepping into this space will continue to tell you about this and the fact that there is such a benefit.”
Urban also states that while he believes Ethereum could one day surpass Bitcoin, he doesn’t think it will happen anytime soon. In response to a question about whether ETH will surpass BTC, Urban said:
“I think at some point yes, but close? No. Is it something we will see in the next two to three years? This is probably the earliest time and I could be wrong about that. I don’t think it will happen anytime soon.”
Urban later added that institutional interest in Ethereum is growing as more people realize the benefits of smart contracts. He also made an interesting analogy for Bitcoin and Ethereum as follows:
“As people become educated in this field and understand what the value proposition of crypto is, they are beginning to understand the power of smart contracts, which creates a layer that many brilliant minds can build on. That’s what Ethereum is. Ethereum is copper, Bitcoin is digital gold.”
You can check the price movements here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.