Chris from MMCrypto and Carl from The Moon just arrived in Tulum and discussing Ethereum. They both bought ETH around 2 months ago when the coin looked oversold. An important reason for Carl about buying ETH is that people are actually using the coin, so the fundamentals are very strong. He sold a small portion of BTC and converted it to ETH as a medium term strategy.
Chris mentioned that ETH is similar consolidating like BTC before the breakout and the chart looks very strong. Main reason for Chris is that ETH is used in DeFi. “There is 25 billion locked into DeFi and 10 billion is ETH, and it’s getting more and more each day. So ETH is being locked-up and therefore becoming more scarce.”
According to Carl Defi seemed to have cooled off a bit after a strong summer (2020), however it seems clearly coming back now. “Even though DeFi might turning into a bubble -where 95% of the tokens may die in the end- there will be coins going to do 50x to 100x. But watch out, Chris and I we know that things are easily going up 100x, however they go down just as easy 90% – we’ve seen it before! If you make a 10x or 50x take profits and invest in bitcoin.”
Regarding the price prediction Chris is reasoning “if the DeFi bubble is continuing to explode, I think that ETH is valued the same against BTC as in the last bull run, about 0.15 ETH/BTC, back then $1.400. My price prediction for BTC is $275.000, so if we reach the same valuation again we could see $41.000 which sounds crazy at the moment, but let’s see where we are at the end of this year.
Carl added: “I even think that ETH could reach 20% of the BTC price, and BTC could easily reach $100.000, so a price of $20.000 for ETH seems very possible, and It’s absolutely speculation, but I could see a range from $20.000 to $60.000.
The episode premiered on February 3, 2021.