The Miami Bitcoin conference wrapped up on 9 April with the largest Bitcoin gathering of over 35,000 attendees. The conference saw a lot of different price predictions from the Bitcoin protagonists. One such personality was Peter Thiel the co-founder of PayPal. With immense faith, he remains convinced about Bitcoin’s potential to rise 100x by the second quarter of 2023.
Can BTC really shoot up to 100x?
Peter Thiel certainly believes so. He said,
“We are going to try to expose them and realize that this is sort of what we have to fight for bitcoin to go up 10x, 100x from here.”
Peter also claimed the “real” competitor for Bitcoin today is global equities, evaluated at $115 trillion. As Bitcoin marches on to a trillion-dollar market cap, there is still a long way to go. A strong statement coming from such a reputable investor was a huge vote of confidence for the crowd.
Another prominent public figure lamented Bitcoin’s potential at the Conference. Jason Urban, a top official from Galaxy Digital, said in an interview with Kitco News that both Bitcoin and Ethereum could go up by 100% by Q2 2023.
He further said that certain factors are currently driving the Bitcoin market. More people are “understanding the need” to adopt a cryptocurrency today. There are also those who have limited knowledge and delve into “FOMO” and become part of the crypto ecosystem.
Notably, institutional adoption is a major factor in deciding any future evaluation of Bitcoin. Currently, according to Jason, 15% of institutions are “doing something that makes sense to them” to further enter the ecosystem.
What about Ethereum?
Jason then shifted the focus to Ethereum which is gearing up for its latest upgrades. When asked about Ethereum taking over Bitcoin, he said,
“I think at some point yes, but is it imminent? No. Do I think it’s something we’re going to see in the next two to three years? That’s probably the soonest, and I could be wrong on that. I don’t think it’s anytime soon.”
Ethereum has planned out many upgrades for this year with Ethereum 2.0 headlining its roadmap. There are enough institutional developments for the Ethereum blockchain to grow in the future.
It also currently hosts the highest NFT sales volume at a staggering $22 billion. According to the Ethereum proponents, a strong foundation and ever-increasing development plans should be enough for Ethereum to pull through a 100x increase by 2023.