In an ambitious forecast, Matthew Sigel, the Head of Digital Assets Research at VanEck, anticipates a significant surge in Ethereum's price by 2030. Sigel's bold prediction suggests that Ethereum could reach an impressive $22,000 valuation within the next decade. This optimistic outlook aligns with the recent market recovery that witnessed Ethereum's price climbing back to the $3,500 range.
Matthew Sigel's Insightful Ethereum Projection
Sigel unveiled his optimistic forecast in VanEck's revolutionary ETH 2030 report. According to the report, VanEck laid out three scenarios for Ethereum's price potential - a bullish case of $154,000, a base case of $22,000, and a bear case of $340.
During an interview with Bankless where he delved into the report's details, Sigel emphasized that for Ethereum to achieve the $22,000 base case, it would need to secure a 70% market share among all layer-1 blockchains. At present, Ethereum's market share stands at 58%, highlighting the importance of enhancing its scaling strategies to encourage greater adoption of its layer-2 solutions.
Sigel expressed growing optimism towards Ethereum and the wider cryptocurrency ecosystem. He attributed the revision of VanEck's Ethereum base case forecast from $11,000 to $22,000 to the anticipation of accelerated market momentum following the U.S. presidential election in November.
VanEck's Strategic Positioning in Crypto
Sigel underscored Ethereum's utility as an asset that enables individuals to establish a presence on its platform with reduced fees. He noted VanEck's increased engagement with open-source databases and projected a 7% contribution to the total revenue of financial applications sourced from these databases.
The publication of the report was prompted by the recent approval of spot Exchange-Traded Funds (ETFs) by the U.S. SEC, a development Sigel deemed significant. He emphasized the existence of a larger market for income-generating assets compared to intrinsic assets like Bitcoin, hinting at Ethereum's potential to surpass Bitcoin in market size within the next ten years.
