VanEck is out here predicting a $52 MILLION dollar Bitcoin price by 2050.
That's a market cap of... *check notes*
$1 QUADRILLION dollars.
Meanwhile I see the rabid ETH bulls on my timeline predicting ETH tops between $7k and $10k this cycle.
However ETH is objectively better money than BTC.
If USD is the reserve currency of the world, then ETH is the reserve currency of crypto.
It currently forms the backbone of onchain finance.
In a future where:
-Everything is tokenized
-Hundreds of trillions of dollars are onchain
-Entire nations operate their financial system onchain
ETH will continue to grow as a legitimate form of money. Remember almost every new L2 that launches exports ETH the asset as the primary currency of that ecosystem.
It's reasonable to assume those who choose this path will back their currency, at least in part with ETH or some sort of stable asset backed by ETH.
Many will laugh at this and excuse it.
But I think it's far more likely that ETH becomes a reserve currency of sorts one day.
If that's the case then according to VanEck's numbers ETH would be sitting at around $23 million at a comparable market cap.
That's a 6969x from here (not a joke, that's actually the number, lol).
You are not bullish enough.
Here's where we at after 90 minutes. $361m total. As a group that number would rank them about 15th overall in ETF volume (about what $TLT and $EEM trade), which is Top 1%. But again compared to a normal ETF launch, which rarely see more than $1m on Day One, all of them have cleared that number and then some.
ETH is 10 years old today!
The ether ICO started July 22, 2014. Back then ETH was sold on Bitcoin at a rate of 2,000 ETH per 1 BTC—totally permissionless, no VCs, no vesting.
Today 1 BTC buys less than 20 ETH. Few assets have outperformed BTC over 10 years; even fewer have outperformed by 100x.
ETH is blockspace currency. 4.3M ETH have been burned to pay for gas since EIP-1559. Many more millions of ETH will be burned for blobs.
Through staking ETH provides $100B of economic security for Ethereum, 10x more than Bitcoin. ETH is also pristine collateral for defi and restaking, unlocking economic bandwidth in size for the internet of value.
Tomorrow ETH spot ETFs start trading in the US. ETH is now widely recognised as a digital commodity. The institutional journey is starting.
And for those who know what the emojis mean, ETH is 🦇🔊 :)
SAVE THE DATE: MATIC → POL
After community consensus, the long-awaited upgrade is set for September 4th
• Initial phase: POL replaces MATIC as the native gas and staking token for Polygon PoS
• Subsequent phases: POL will serve a crucial role in the AggLayer
More details🧵
$ETH supply on exchanges is at an 8-year low.
Ethereum ETFs are about to cause a massive supply shock.
As a result, the price of $ETH could skyrocket. 🚀
Are you prepared?
“Always two, there are. No more, no less. A master and an apprentice.”
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