An increase to the million would represent an increase in the price of bitcoin of more than 2050%. Last year, the bitcoin price was helped by several factors, including the Central American nation of El Salvador accepting the asset and using it as legal tender. Companies like Fidelity Investments are confident that many additional countries will follow in El Salvador’s footsteps given the instability of fiat currencies as governments continue to print money as if it were growing on trees.
Furthermore, Wood is apparently splitting his prediction into two parts, as based on statements he made last year, Bitcoin is likely to reach a price of $500,000 by the year 2026. This means that it would need to grow by roughly $100,000 per year. year starting in 2021. He is also very bullish on Ethereum and predicts that the world’s second largest digital currency by market capitalization could see its overall valuation skyrocket by roughly 6000%.
The price of Ethereum has risen sharply in the last 12 months as more traders begin to enter the worlds of DeFi (decentralized finance) and non-fungible tokens (NFTs), both of which are based on Ethereum’s smart contract technology.
Elmandjra explains: “Ethereum could displace many traditional financial services and its native token, Ether, could compete as global money. As financial services move up the chain, decentralized networks are likely to take over existing financial intermediaries. Beneficiaries of this change include Ethereum, the base protocol, and DeFi, the decentralized applications built on top of Ethereum.”
Regarding Etherehum, Wood agreed: “We have become just as bullish on Etherehum. We see DeFi and NFT taking off on the Ethereum network.”
Source: Ambito
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