Digital gold and the second largest cryptocurrency by capitalization could double in price by the summer of 2023. Jason Urban, co-head of Galaxy Digital’s business division, shared this estimate.

Among the drivers, the senior executive chose greater acceptance of digital assets by institutional investors.

“I would say at the beginning of the year I saw Bitcoin in the $100,000 range and Ethereum in the $6,500 to $7,000 range. Do I think cryptocurrencies will meet resistance along the way? Potentially yes. Do I think it will matter? Not! If not by the end of the year, it will be in the first or second quarter of 2023. I see a lot of new investors, thanks to them, the market will continue to rise,” he said. Urban explained.

A representative of Galaxy Digital admitted that over time, Ethereum will overtake bitcoin in terms of capitalization.

“Investors have realized the power of smart contracts. Ethereum is what you need for new ideas. This is copper and bitcoin is digital gold.”said.

According to the top manager, the process may take time. While Urban did not rule out such a scenario, he was skeptical that a change of leadership would occur within the next two or three years.

Recall that Arthur Hayes, co-founder of the BitMEX exchange, predicted that Ethereum will grow above $ 10,000 by the end of 2022.

Earlier, Galaxy Digital founder Mike Novogratz warned that Bitcoin would “take off” again as soon as possible. fed will stop tightening monetary policy.