The head of digital assets research at VanEck, Matthew Sigel, is outlining how Ethereum (ETH) could reach a price of $154,000, which the asset manager set as the bull case target in a report released weeks ago.
In a new interview on Bankless, Sigel says that Ethereum could reach a six-figure price by increasing its market share.
“In that case, ETH would be capturing 90% of all smart contract value intermediation… so the penetration rates get pretty chunky, so Ethereum essentially accounts for 15% of the total financial markets. And then 50% of the advertising market hosted on open-source blockchains. And between 20% to 25% of information technology (IT) infrastructure and artificial intelligence (AI) going through open source blockchain.”
According to VanEck’s head of digital assets research, the state of the global macro economy would also influence Ethereum’s prospects of reaching a six-figure price.
“So I’d say in that world probably emerging markets are doing very well and the US dollar is doing extremely poorly. And the US regulatory state has either like fully embraced open-source digital assets, which I think is unlikely, or you completely seeded them to other countries. And then in that bull case, Ethereum is capturing a pretty sizable percentage of the value.”
In the report released earlier this month, VanEck set a base case target for Ethereum of $22,000, a potential gain of 518% from the current level. To hit the bull case target, Ethereum would have to appreciate by 4,225% from the current price.
Ethereum is trading at $3,560 at time of writing.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: DALLE3
