- Exec predicts a bullish year for Bitcoin, Ethereum and Solana
- However, for him, Cardano's prospects appear bleak, suggesting possible irrelevance
During a recent one Consequence Tom Dunleavy, partner and chief investment officer (CIO) at MV Capital, predicted this on The Wolf of All Streets podcast. Bitcoin (BTC) could reach $100,000 while the value of Ethereum (ETH) could rise to $8,000.
However, he also assumes that the two leading cryptocurrencies could lose market share to Solana (SOL) if the price rises above $400.
The most bullish scenario for Bitcoin
Dunleavy delved deeper into the reasons and said that $100,000 might be a little small. He pointed to historical patterns observed post-halving and mentioned:
“If you look at the numbers after the halving, we generally saw a fourfold increase.”
However, he also warned that such predictions are not very reliable as only four examples can be used. Instead, the executive suggested a solid base case of a doubling of the price of Bitcoin.
Dunleavy also highlighted Bitcoin's importance as the largest settlement layer by economic weight, suggesting Bitcoin's possible expansion into decentralized finance (DeFi). This development is a logical step for the network, he argued. with an increasing number of protocols vying for dominance.
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3. BTC $100,000, ETH $8,000 but both losing mkt shares to Sol as rally continues. Solana surges above $400 and sees record-breaking active addresses of over 1 million on some days. @SolanaConf is the must-attend event of the year. @aeyakovenko still doesn't care about the token, just the construction (😂) pic.twitter.com/xq8I6197Ji
— Tom Dunleavy (@dunleavy89) January 4, 2024
Solana vs Ethereum
Dunleavy pointed out that the Solana Saga mobile phone is a major factor in his bullish stance. The quick sellout of 60,000 Solana Saga 2 phones is another example of growing consumer interest. Actually, i.eDespite some network outages, Dunleavy noted that the price of SOL has proven resilient. In addition, Jupiter's airdrop (JUP) has also created a significant wealth effect.
“Jupiter is only a quarter of the way through its airdrop…so there will be a lot more of that, and you'll just see the money being saved in Solana.”
Although this strategy has been criticized by some as simply generating artificial liquidity, it has been defended by Dunleavy as a gateway that attracts users to real use cases and innovation within the ecosystem. He contrasted Solana's approach Ethereum. The platform has been criticized for a perceived slow progression towards improved user experience and liquidity concerns.
For their part, Ethereum researchers have proposed solutions such as Shared Sequencer to address these issues. However, The community is becoming increasingly impatient with the expected two to three year timeline for these improvements.
“I think Ethereum is either going to hurry up or some of these others are going to steal a lot of market share really quickly.”
Meanwhile, Solana and platforms like Apto and Sui are quickly responding to market demands for ease of use and developer-friendly environments.
Is Cardano dead?
Dunleavy offered a critical perspective on the future of Cardano (ADA), suggesting a bleak outlook for the once-promising blockchain platform. According to him, a new UTXO/EVM interoperability chain is about to take its place. He attributed the platform's challenges to the lack of essential features such as a stablecoin and a vibrant DeFi ecosystem, largely due to the limitations inherent in Cardano's protocol mechanisms.
The CEO also pointed to Cardano's leadership, describing it as resistant to change and adaptation. This has caused great frustration among developers and projects, pushing them to look for alternatives.
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