- Chris Burniske, a partner in the venture capital firm Placeholder, predicts that the price of Ethereum (ETH) will rise to $7,500 during the next rally.
- Burniske’s prediction also sees the price of Bitcoin (BTC) rise well above its all-time high, to $50,000.
- JPMorgan Chase Bank adds the exchanges Coinbase and Gemini as customers.
Chris Burniske, partner of the venture capital firm Placeholder, has made a highly bullish prediction for Bitcoin and Ethereum. In a series of tweets released on Sunday, June 14, Burniske said that the next bullish cycle will see Bitcoin and Ethereum surpass their all-time highs.
In 2019, Burniske predicted that Bitcoin will have a market capitalization of over $1 trillion by the end of 2021. Placeholder’s partner said this will happen if Bitcoin shows similar volatility as it has in the past. Burniske went on to explain that Bitcoin will reach a price of $50,000. Furthermore, Burniske expects that Ethereum will reach a new all-time high of $7,500, driven by a “strong on-chain economy”.
Why #bitcoin > $50,000? As discussed in May 2019, if $BTC is half as volatile in this cycle as it was in the last, we would still expect it to cross $50K and $1 trillion in network value.
$1 trillion has been a long time coming for this macro-asset. Meanwhile, to the mainstream ETH will be the new kid on the block — expect a frenzy to go with that realization.
Meanwhile, the crypto community showed skepticism about Burniske’s predictions. Messari founder Ryan Selkis said that Burniske’s prediction seems unlikely. Selkis believes that demand for ETH as a token reserve needs to increase, especially in the face of alternatives such as Tether. This will prevent something like a rally from happening like in 2017 when Bitcoin and Ethereum reached their historic highs, according to Selkis. However, Burniske responded that the next rally will be completely different:
ETH will sop up capital from most layer-1’s, as many will remain immaculately built ghost towns. Not the ICO bubble, but another capital formation bubble will happen, standardized by code and legal as w/ ERC20.
Bitcoin and Ethereum increase institutional adoption
However, there are also numerous bullish arguments for Burniske’s statements in regard to Ethereum (ETH). Institutions and investors are already showing great interest in ETH. Driven by expectations of the launch of phase 0 of Ethereum 2.0, institutions such as Grayscale have accumulated numerous ETH. In recent months, it has been confirmed that 1% of ETH’s offering is the Grayscale Ethereum Trust.
On the other hand, it was also confirmed that JPMorgan Chase Bank added the exchanges Coinbase and Gemini as clients. JPMorgan has been critical of Bitcoin, but it appears that they have decided to change direction with this decision. Other banking institutions could follow in JPMorgan’s footsteps, leading to a greater adoption of cryptocurrencies in the traditional financial sector and are thus making Burniske’s statements less unlikely.