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- Abra CEO is quite optimistic about Ethereum and is more bullish than Bitcoin. He predicts the ETH price to hit $40,000.
- The use cases of the network are through the roof, highlights Abra CEO Bill Barhydt.
- Although his prediction is far more than the current price of Ethereum, as the network is gradually moving towards the PoS model, it is to see how it performs.
Bill Barhydt, the CEO of the financial services company Abra has recently expressed his thoughts about Bitcoin (BTC) and Ethereum (ETH) in a recent interview.
He seems to be more bullish about Ethereum compared to Bitcoin. He predicts ETH price to hit $40,000, which is far more than the current price and even the All-Time High of $4,891.
According to him, the Ethereum network’s effect is based on the idea that it could become the world’s computer. It is now utilized for varied concepts like Non-Fungible Tokens (NFTs), Decentralised Finance (DeFi), and gaming.
Abra CEO expects the coin to witness a huge influx of people trying to hold Ethereum as staking is coming for the network. He compared the Ethereum network with that of Bitcoin. He cited that the network effects for Ethereum in the short term are more bullish to him because of the use cases that have just started to play out.
He further highlighted that if the transaction fees and gas fees start to decrease as promised by the Proof-of-Stake model, people have to look out because all of the hindrances are eliminated.
Despite all this, the executive warned that they might have a slight sell-the-news effect following the initial rush to stake happens with the upgrade in June or July.
Also, he did predict the price to reach somewhat $30,000 to $40,000 but said so without signifying any particular period.
Barhydt opined that it’s deflationary and that the use cases of the network are through the roof; all the stars are lining up for Ethereum, in his opinion currently.
At the time of writing, Ethereum (ETH) is trading at $2,591.03 with a market cap of $310,803,860,297. The coin witnessed a slight surge after Tesla, and SpaceX CEO Elon Musk said he wouldn’t sell his crypto. He holds Ethereum apart from the crowned cryptocurrency Bitcoin (BTC) and the popular meme coin Dogecoin (DOGE).
Ethereum is a network currently working at the Proof-of-Work model but is slowly moving towards the Proof-of-Stake and is the second most dominant cryptocurrency by market cap. It is to look forward to how the coin performs after entirely shifting to the PoS algorithm and whether the prediction of Abra’s CEO proves accurate.
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.
