Crypto news update: Metafide CEO Frank Speiser shares bold Predictions:
During an interview with Tim Stenovec and Katie Greifeld on Bloomberg TV, Frank Speiser, CEO of Metafide, shared his insights and forecasts for the crypto market. Speiser predicted that Bitcoin could soar to $100,000 by the end of 2024, a significant rise from its current value just below $60,000. He attributed this potential surge to key factors, including the entry of new market participants like nation-states and spot Exchange-Traded Funds (ETFs), which are exerting strong influence on the market. Speiser suggested that nation-states, potentially motivated by former President Trump’s call for a strategic Bitcoin reserve, might become major buyers, thereby driving up demand. Additionally, he noted that spot ETFs have been consistently buying Bitcoin during price dips, maintaining upward pressure on the market.
Speiser emphasized that Bitcoin’s fixed supply, combined with the influx of new buyers and continuous purchases by spot ETFs, could push its price significantly higher. He believes that unless a major economic downturn occurs, these factors are likely to drive Bitcoin’s price to the $100,000 mark.
Speiser also discussed the concept of a strategic Bitcoin reserve, an idea that gained momentum after former U.S. President Donald Trump’s proposal. He explained that while countries traditionally hold foreign currencies, such as the US dollar, as part of their reserves, Bitcoin could serve as a neutral alternative. This would allow nations to settle international transactions without relying on traditional fiat currencies, offering them more flexibility in global politics as Bitcoin continues to gain wider adoption.
In addition to his Bitcoin predictions, Speiser also shared his outlook for Ethereum, forecasting 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. With limited new issuance expected, the stable supply could create favorable conditions for price increases. Furthermore, the introduction of spot Ethereum ETFs in the US has added buying pressure, as these funds acquire Ethereum to back their shares. Speiser also highlighted the impact of staking on the Ethereum network, which locks up Ethereum to validate transactions, reducing available supply and further driving demand.
Speiser briefly mentioned Metafide’s role in the crypto ecosystem. Known for providing crypto ratings, Metafide also leverages AI to generate financial predictions, combining human intuition with AI algorithms to offer valuable insights for both retail and institutional investors.
