Why is Ethereum Classic forecast to reach $ 7,100 in the future?
For the past ten months, Ethereum Classic price has been trading in the range of $ 4 to $ 8. With this number, it is really hard to believe that ETC will be able to increase to $ 7,000 in the next ten years. See the reasons below.
# 1: Ethereum Classic recent 51% attacks have only made it stronger with new upgrades
Aside from Ethereum, which will migrate to Proof-of-Stake, ETC is the only secure Proof-of-Work smart contracts Blockchain at the base layer. There are no other top smart contracts platforms that use the Proof-of-Work-based Nakamoto Consensus mechanism. This positions ETC in a unique and extremely valuable niche.
ETC has never been hacked, and the historic 51% attacks on the network only show that it worked as designed. However, several upgrades have been implemented, and others will continue to be performed to make it much more stable. Eventually, as the network grows, its security model will guarantee a very similar level of safety as Bitcoin.
Ethereum Classic will be the only top Proof-of-Work smart contracts blockchain
Moreover, ETC is the only secure proof of work smart contracts blockchain at the base layer. There are no other top smart contracts platforms that use the proof of work-based Nakamoto Consensus mechanism. This positions ETC in a unique and extremely valuable niche.
#2: ETC has a mechanical, algorithmic, and capped, thus sound and trust minimized monetary policy
As Bitcoin’s supply will never surpass 21 million BTC, Ethereum Classic’s supply will never surpass 210 million ETC. Both cryptocurrencies have the goal of mimicking gold to become digital gold.
That limited supply is one of the key factors that indicate an increase in prices. Because when the demand increases and the supply is limited, people quickly develop a feeling of FOMO.
Also, the supply is closely related to the printing of money by central banks. When the fiat supply increases and hyperinflation occurs, safe-haven assets such as gold, Bitcoin, ETC will be the optimal choice.
#3: ETC already has many opportunities with big organizations like PayPal or Grayscale
Last year, PayPal listed BTC, ETH, LTC, and BCH, which created tremendous growth thanks to increased volume and coverage, the common point of these 4 coins is that they are all in the Top 10, highly liquid, not be assessed by the SEC as a security, with its own community, listed on Coinbase, highly decentralized and based on the POW algorithm. Of these factors, the only one ETC failed to reach is the Top 10, but a daily volume of $ 1.7 billion is remarkable for this Top 40 CoinMarketCap. And in the Top 10, not even the Top 20 has any coin that meets the PayPal criteria like ETC.
Of the assets held by the Grayscale fund, as of September 30, 2020, only BTC, ETC have made a positive return, according to analyst Yogita Khatri. This is a fund only for institutional investors, if they add more to the ETC, it will create a period of strong price growth as BTC is creating.
Grayscale Company of Digital Currency Group, the largest crypto investment fund in the world, owns the news site Coindesk, has defended ETC and opposed ETH in the 2016 DAO hack, since then in many forms they still support team Ethereum Classic very enthusiastically. There is also Charles Hoskinson, founder of Cardano (ADA) who is also one of the most famous enthusiastic ETC supporters.
Bitcoin and Ethereum Classic vs Gold in the next ten years
For all of the above reasons, ETC will likely rise past $7.000 in the next ten years. And this number is based on the fact that both Bitcoin and Ethereum Classic will act as additional base layer systems. If this base class reached 50% of the value of gold in ten years (estimated at around $ 12 trillion), then Bitcoin’s market cap would reach $ 3 trillion and Ethereum Classic would reach 1.5 trillion dollars. This translates into Bitcoin’s value of $ 143.000 and Ethereum Classic around $ 7.100.
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