Ethereum ETFs could push bitcoin to $200,000: Gryphon Digital Mining CEO
As ethereum ETFs gear up for the U.S. Securities and Exchange Commission (SEC) to grant approval for the new funds to trade on stock exchanges later this year, the cryptocurrency market anticipates significant shifts. Roundtable anchor Rob Nelson discussed the potential impacts with Rob Chang, CEO of Gryphon Digital Mining, delving into what this means for both bitcoin and ethereum prices.
Nelson kicked off the discussion by noting that ethereum ETFs are expected to be fully approved in the next couple of months, with the SEC already giving the initial greenlight last month. He explored the impact this approval might have on both bitcoin and ethereum prices, suggesting a possible pattern similar to bitcoin's response to ETF approvals.
CEO of Gryphon Digital Mining Rob Chang responded by acknowledging the differences between the two cryptocurrencies. Chang, drawing from his background as a former commodity analyst, predicted a significant price increase for ethereum. He explained that the influx of capital would likely mirror the effects seen with bitcoin ETFs.
However, Chang also highlighted potential volatility. "There could be some sell-off as a little inevitable profit-taking," he noted. Despite this, he believes that most financial advisors are still not permitted to buy bitcoin and ethereum ETFs due to internal company rules. This restriction, according to Chang, suggests a future wave of capital as financial institutions grow more comfortable with crypto ETFs.
Nelson then probed whether the introduction of ethereum ETFs would affect bitcoin's price. Some speculate that bitcoin might lose its dominant position as the sole ETF option, but Chang said that bitcoin's price might dip in the short-term due to the new competition. Nonetheless, he maintained that the overall ecosystem would benefit from having multiple crypto ETF options, enhancing acceptance and understanding of digital assets.
As for bitcoin's price, Chang said that he now hears predictions as high as $200,000. "My conservative former analyst was always saying $125,000 to $150,000. My believer in bitcoin is a $200,000-plus type of guy," he said, indicating his personal bullish stance.
Looking ahead, Nelson inquired about the broader market outlook for 2025 and beyond. Chang expressed optimism, expecting significant growth to continue through next year. "I think we're going to see easily $150,000 and with a legitimate possibility over $200,000," he projected, suggesting a sustained upward trend.