Metafide CEO Predicts Bitcoin to Hit $100K and Ethereum $4K by Year-End

On August 13, Frank Speiser, the CEO of Metafide, shared his insights and predictions on Bloomberg TV during an interview with Tim Stenovec and Katie Greifeld.

Speiser predicted that Bitcoin could reach $100,000 by the end of 2024, a significant increase from its current trading value of just under $60,000. He attributed this potential rise to several key factors. First, he pointed out the presence of new market participants, specifically nation-states and spot Exchange-Traded Funds (ETFs), which are exerting significant influence on the market dynamics. He said that nation-states, possibly influenced by former President Trump’s call for a strategic Bitcoin reserve, could become major buyers, driving up demand. Additionally, he noted that spot ETFs have been consistently purchasing Bitcoin whenever prices dip, ensuring continuous buying pressure in the market.

Speiser emphasized that with Bitcoin’s supply being fixed, the combination of these new buyers and the sustained purchases by spot ETFs could push the price significantly higher. Unless a major economic downturn occurs, he believes these factors are likely to drive Bitcoin’s price to the $100,000 mark.

In the same interview, Speiser discussed the idea of a strategic Bitcoin reserve, a concept that gained traction following former U.S. President Donald Trump’s proposal. Speiser explained that traditionally, countries have held foreign currencies, such as the US dollar, as part of their reserves. However, he suggested that Bitcoin could serve as a neutral alternative, enabling nations to settle international transactions without depending on traditional fiat currencies. This, in turn, could provide countries with more flexibility in navigating global politics, particularly as Bitcoin continues to gain wider adoption and capitalization.

Speiser also shared his expectations for Ethereum, predicting that its price could reach $4,000 by the end of the year. He pointed to Ethereum’s supply, which is nearing its all-time high, as a key factor in his forecast. He believes that with limited additional issuance expected, the stable supply could create favorable conditions for price increases. Furthermore, he argued that the introduction of spot Ethereum ETFs in the US has contributed to increased buying pressure in the market as these funds acquire Ethereum to back their shares. At the same time, staking on the Ethereum network, which involves locking up Ethereum to validate transactions, reduces the available supply, further driving demand.

In addition to discussing Bitcoin and Ethereum, Speiser briefly touched on Metafide’s role in the cryptocurrency ecosystem. Metafide, known for providing blockchain ratings, also leverages AI to generate financial predictions. These predictions combine human intuition with AI algorithms to forecast market movements, offering valuable insights to both retail and institutional investors.

Featured Image via Pixabay

Source