Abra CEO predicts Ethereum’s price target to be $40,000. He is more bullish on Ethereum than Bitcoin, and the reason for that is the use cases of the former. There are a lot of other benefits that Ethereum brings as well. One of these is the recent move to the proof of stake mechanism, which makes Ethereum a lot greener.
Abra CEO on Ethereum
Bill Barhydt, CEO of Abra, explained why he is more bullish on Ethereum than BTC in a CNBC interview. He has also given a $40k price target for ETH, which shows how positive he is about its growth. Though, for now, I would like to say that this price is at least 5-10 years away or even more. However, it could definitely happen someday.
Bill says that Ethereum is used for so many things like DeFi, stablecoins, NFTs, and even gaming. Plus, we have the network effect, which makes it even better. Ethereum 2.0 will bring staking that will make it greener, and those who cite environmental concerns for crypto can’t anymore. His main take is the use case of Ethereum is what makes it so valuable.
The only thing that is holding back adoption is the high gas fees which is expected to decrease with the POS mechanism. Plus, there is the fact that Bitcoin might be fixed in supply, but with Ethereum being burnt, it has become deflationary, which means with time, the supply is actually going down. That is a really big deal and makes it very likely that ETH could topple BTC in the next 10 years.
About Abra
Abra is a cryptocurrency wallet service that includes a trading service for buying and selling cryptocurrencies, a high yield service for earning income on cryptocurrencies and stablecoins, and a loan service for borrowing against cryptocurrency collateral. It has support for around 25 cryptocurrencies and 50 fiat currencies. Bill Barhydt, a former fixed-income analyst for Goldman Sachs and a former director of Netscape, founded Abra in Silicon Valley in 2014.
What are your thoughts as Abra CEO predicts Ethereum’s price target at $40,000? And do you think it is a little too optimistic or is plausible in the next 10 years? Let us know in the comments below. Also, if you found our content informative do like and share it with your friends.
Also Read: Feds are expected to hike interest rates this week by 25 basis points.
