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- Abra CEO, Bill Barhydt recently discussed about Ether use cases with CNBC in an exclusive interview, commencing with his insights towards market this week.
- Bill also discussed various utility cases regarding Ethereum, and elaborated why he believes it will touch or cross a $40,000 mark.
- As of this writing, Ethereum (ETH) was trading at a market value of $2,586.34, bearish by 0.44% in previous 24 hours.
Bill Bullish On Ethereum
Bill started the interview by providing his insights on Bitcoin, saying it is moving sideways since last year’s February, with a low of around $35,000 and a high of around $60,000. BTC has a huge injection of cash which was majorly pushed by several factors like Grayscale, where traders are trying to take benefit of the fact that they can excavate premium by acquiring BTC via Grayscale.
Bill Barhydt is actually more bullish on Ethereum than BTC, regarding that, he said he is actually not bullish on both cryptocurrencies, the underlying reason was that both are getting network influence on distinct reasons, and both are in different phases, he believes.
As per Bill, network effects around bitcoin are becoming some form of reserve assets that is trustless and immutable and cannot be altered, it is hard money. As effects constantly grew, they got disrupted by Chinese restrictions on mining, and that is what caused the channel to put a brake on the high 60s, although it should have the potential to go to the high 80s or 90s.
With respect to exponential growth in the long run, he still believes it can go 250K, but the BTC network effects will become hard money or are on their way to becoming, which is putting a boost behind its adoption.
On the other hand, Ethereum network effects are focused on the notion that it can become the world’s computer. It is being utilized for stablecoins, NFTs, DeFi, and gamers are turning their heads towards it.
This is the reason Bill thinks it will go grow by 10 times in its current value in the future, which is going to indicate a mass influx of folks trying to keep possession of Ethereum, which is gonna create more lock up, so network effects for Ethereum in short-run are more bullish according to Abra CEO.
Due to these use cases, and if the transaction, as well as gas fees, get reduced, which the PoS algorithm promises, then folks may have a minor kind of rush towards staking with an update to Proof of Stake, where folks may see a sell the news pullback.
He says that we are talking about Ethereum reaching 30K-40K because it’s deflationary, its use cases are through the roof, and all the stars are in queue for ETH.
Will Ethereum Reach $40K Levels?
We are talking about ETH growing by more than 12X, which obviously isn’t possible soon. But looking at its use cases, as Abra CEO thinks, will attract more audience to its ecosystem.
As its utility will increase, we can say its will escalate too, but we cannot say if it will go to the levels Bill expects or not.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
