Global investment manager VanEck says Ethereum (ETH) could hit $51,000 in less than seven years if certain conditions align.
In a new research report, VanEck lays out its base, bear and bull cases for Ethereum’s performance going into the end of the decade.
VanEck explains its methodology in finding its estimates:
“We base these estimates on the thesis that Ethereum becomes the dominant open-source global settlement network that hosts substantial portions of the commercial activity of business sectors with the highest potential to gain from moving their business functions to public blockchains. In a portfolio of similar smart contract platforms, we assume to own a collection of call options, with the dominant platform likely to take a majority market share.”
Assuming that Ethereum is no longer the top settlement system or smart contract platform with only 15% dominance, VanEck says ETH could disintegrate as low as $343.29 by 2030 in its bear case.
However, if things go well for Ethereum, VanEck lays out a base case price target of $11,848.62 and a bull case of $51,006.
The firm says that Ethereum is likely en route to becoming a store-of-value asset, similar to Bitcoin but perhaps in a slightly different manner.
“Finally, we assert that ETH is evolving beyond a transactional currency or a consumable commodity like oil or natural gas. We believe that ETH, while not a complete store of value like Bitcoin due to Ethereum’s demonstrated mutability of code and an evolving social consensus focused on utility, will nevertheless become a store-of-value asset for state actors looking to maximize human capital (vs. Bitcoin, which maximizes for stranded energy).”
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- Source: https://dailyhodl.com/2023/05/28/51000-ethereum-eth-now-on-the-table-according-to-vaneck-heres-their-outlook/
