The price of Bitcoin in India on August 4 was Rs 28.2 lakh and that of Ethereum in India was Rs 1.85 lakh. “You will see a change trend among people who want to deposit money, they are doing it in (ether) rather than just in bitcoin,” he said. Scheduled to go live on Wednesday, EIP 1559 significantly changes how transactions are processed on the Ethereum blockchain as well as reducing the supply of Ether tokens.
Morehead said that shifting to an upgraded “Ethereum 2.0” would reduce the mining energy use of ether compared to bitcoin’s larger carbon footprint. He added that the use of blockchain in decentralized finance (DeFi) applications would also support prices. Ether, the world’s second-largest cryptocurrency, more than doubled in price in 2021 to nearly $2,608 (about Rs 1.9 lakh) on Monday, while bitcoin rose 46 percent to $39,166 (about Rs 29 lakh).
According to CoinGecko.com, Ether’s market capitalization as of Monday was about $306 billion (about Rs 22,73,240 crore), which is less than half of bitcoin’s $737 billion (about Rs 54,75,100 crore). Morehead believes that bitcoin will end between $80,000 (approximately Rs 59.4 lakh) and $90,000 (approximately Rs 66.8 lakh) by the end of 2021, and rise above $120,000 (approximately Rs 89 lakh) within a year. Will go He said the increase in mainstream adoption could increase this to $700,000 (about Rs 5 crore) over the next decade.
Pantera, which handles $2.8 billion (about Rs 20,810 crore) in blockchain-related assets, has invested in several crypto exchanges including Bitstamp, Coinbase, and regional exchanges such as Mexico-based Bitso.