The CEO of cryptocurrency media firm Gokhshtein Media, David Gokhshtein, has revealed a number of bullish cryptocurrency price predictions, notably saying he sees Dogecoin hitting $1 in the future, and Ethereum getting to $14,000.
According to a report published by Business Insider, Gokhshtein noted he sees the price of the meme-inspired cryptocurrency DOGE hit $1 as he believes it is a gateway for the cryptocurrency market, as it could help newcomers transition to other cryptocurrencies. Its price will rise because “if people deem something to be worth something, it’ll get there.”
There have been numerous attempts to get DOGE to the $1 mark, including one that seemingly helped the cryptocurrency’s price rally over 10,000% earlier this year, as it helped search interest for it explode.
The CEO noted he doesn’t see promotions from Elon Musk as the only reason for the cryptocurrency to succeed, as he noted that the retail-focused trading platform Robinhood and the “meme economy” also contributed to its growth.
Notably, an expert panel surveyed by Finder revealed it believes DOGE could surpass the elusive $1 mark by 2025 and hit a $1.21 high by that year, before reaching a $3.6 high by 2030.
Ethereum Could Reach $14,000
Referring to Ethereum’s ether, Gokhshtein pointed to the recent London hard fork. It included the implementation of Ethereum Improvement Proposal (EIP) 1559, which changed the way transaction fees on the network work.
Instead of an auction system, users now pay a base fee for their transaction to be processed by miners, and can alternatively tip miners to get their transactions to be processed faster.
Miners aren’t paid the base fee as it could incentivize them to artificially congest the network to keep it high and earn more. Instead, the base fee is burned, effectively removing ether from circulation forever. The fee rises when there’s higher demand, and drops when demand is lower.
To the CEO, the cryptocurrency is going to become deflationary because of the burn, and this deflation will contribute to its price growth. As a conservative estimate, he suggested ETH could trade at $14,000 by the end of the year or by 2022.
To Gokhshtein, Ethereum will help reignite the bull market, so he has been regularly buying it to dollar-cost average his position while bypassing short-term volatility. Despite his bullish price prediction, he sees ETH as a type of “digital silver,” while bitcoin is “digital gold.”
As such, the CEO noted he believes bitcoin will remain the number one cryptocurrency by market capitalization and predicted it could hit $85,000 by the end of this year. As reported, analyst Scott Melker, who hosts “The Wolf Of All Streets” podcast, has revealed he sees the price of Ethereum pushing towards the $10,000 mark in six to 12 months, while bitcoin could hit six figures in the same amount of time.
DISCLAIMER
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
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