The CEO of cryptocurrency media firm Gokhshtein Media, David Gokhshtein, has revealed a number of bullish cryptocurrency price predictions, in particular saying that he sees Dogecoin hitting $ 1 in the future and Ethereum hitting $ 14,000.
According to a report published by Business Insider, Gokhshtein noted that he sees the price of the meme-inspired cryptocurrency DOGE reaching $ 1, as he believes it is a gateway to the cryptocurrency market, as it could help newcomers to transition to other cryptocurrencies. Its price will increase because "if people consider that something is worth something, it will come."
There have been numerous attempts to get DOGE to the $ 1 mark, including one that apparently helped the cryptocurrency price rise more than 10,000% earlier this year as it helped search interest explode.
The CEO noted that he does not see Elon Musk's promotions as the sole reason for the cryptocurrency to be successful, as he noted that the Robinhood retail platform and the “meme economy” also contributed to its growth.
In particular, a panel of experts polled by Finder revealed that they believe DOGE could surpass the elusive $ 1 mark by 2025 and hit a high of $ 1.21 for that year, before reaching a high of $ 3.6 by 2030.
Ethereum could hit $ 14,000
Referring to Ethereum's ETH, Gokhshtein pointed to the recent London fork. It included the implementation of the Ethereum Enhancement Proposal (EIP) 1559, which changed the way transaction fees work on the network.
Instead of an auction system, users now pay a base fee to have their transaction processed by miners, and can alternatively tip miners so their transactions are processed faster.
Miners are not 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 the ether from circulation forever. The rate increases when there is greater demand and decreases when the demand is less.
For Gokhshtein, the cryptocurrency will become deflationary due to burning, and this deflation will contribute to the growth of its price. As a conservative estimate, he suggested that ETH could trade at $ 14,000 by the end of the year or by 2022.
Furthermore, he believes Ethereum will help reignite the bull market, which is why he has been regularly buying it at the average dollar cost of his position while avoiding short-term volatility. Despite his bullish price prediction, he sees ETH as a type of "digital silver," while bitcoin is "digital gold."
As such, David noted that he believes that Bitcoin will continue to be the number one cryptocurrency by market capitalization and predicted that it could hit $ 85,000 by the end of this year. As reported, analyst Scott Melker, who hosts the podcast “The Wolf Of All Streets,” has revealed that he sees the price of Ethereum pushing toward the $ 10,000 mark in six to 12 months, while Bitcoin could hit six figures in the same amount of time.