Hey friends,
You’re not bullish enough on Ethereum! It’s another week and another bullish price prediction just dropped.
This one will melt your face off, so keep reading to find out the juicy details…
Here is your weekend crypto update…
Here’s what’s in today’s issue:
- Rebecca shares her thoughts on VanEck’s ETH price prediction, interest rate cuts beginning, more institutional money coming, Coinbase launching a smart wallet & Robinhood buying Bitstamp.
- Altcoin alpha by David.
- This week’s airdrop by Jesse.
- Sam has an NFT report on whether or not memecoins are the new NFTs?
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Ethereum to $154K by 2030
ETF issuer VanEck just dropped a new report on June 5 called “ETH 2030 Price Target and Optimal Portfolio Allocations.”
Inside the report, VanEck sets out 3 scenarios for Ethereum’s price by 2030:
- Base case: $22,000
- Bull base: $154,000
- Bear case: $360
That’s quite the range, but even the base case is still a 6x from its current price of around $3,800. So let’s look under the hood of this wild price prediction to find out just how realistic it could be.
VanEck believes Ethereum can become a “high-growth, commercial system that threatens to disrupt existing financial businesses and Big Tech platforms like Google and Apple.”
They see that Ethereum is already disrupting the finance, banking, payments, marketing, advertising, social, gaming, infrastructure and AI sectors. So it’s focused its price projections on forecasting key metrics like market share, revenue and token supply.
When it comes to market share, VanEck estimates that Ethereum’s current smart contract market share is 58% on a trailing 12-month basis.
So it’s forecasting Ethereum will get to the base case by taking 70% of the smart contract market and for the bull case it will need to take almost the entire thing at 90% market share.
It’s then forecasting revenue will jump from $3.4 billion to $79 billion for the base case and $362 billion for the bull case. And of course, scarcity matters so Ethereum’s token supply must turn deflationary once again to send its price up.
VanEck forecasts the ETH supply to drop from around 120 million ETH to 100 million for the base case and 99 million for the bull case.
To put all this into perspective, the base case means that Ethereum in 2030 could be like Nvidia today. Wow.
What do you think of these ETH price predictions? Reply to this email and let us know.
Interest Rate Cuts Begin
This week saw the first cuts in interest rates and they came from Canada and Europe.
Both central banks cut interest rates by 25 basis points. This takes Canada’s interest rates from 5% to 4.75%. Whilst the European Central Bank lowered its interest rates from a record 4% down to 3.75%.
And it just so happens that central banks are starting to pivot right when global liquidity hit a new all-time high.
Global liquidity measured using the M2 money supply has hit a new all-time high of $94 trillion. That’s $3 trillion higher than when Bitcoin was at its 2021 all-time high.
Bring on a new ATH for Bitcoin!
More Institutional Money Is Coming!
Just because the US now has spot Bitcoin ETFs and Ethereum versions on the way, doesn’t mean the institutions are done.
Wall St. is only just getting started. ETF issuer Franklin Templeton says institutions are not yet fully deployed into crypto.
The CEO believes we’ve only seen the first wave of institutional demand—the early adopters—and “the next wave is the much bigger institutions.”
It’s not just Wall St. that’s just getting started.
The MicroStrategy playbook is just getting started too. Publicly traded healthcare company Semler Scientific is doubling down on its Bitcoin treasury strategy that it announced just over a week ago.
The company has bought another $17 million in BTC bringing its total holdings to 828. And it’s not stopping there either. The company also plans to raise up to $150 million to buy more BTC.
Coinbase Launches Smart Wallet
A new era of crypto wallets is here! Coinbase has launched its smart wallet aiming to revolutionize the on-chain experience:
- It lives in your browser, no extensions or apps needed
- It uses passkeys, no seed phrases needed
- It provides gasless transactions, no fees to pay
Coinbase is achieving zero transaction fees through its Base Gasless Campaign. Developers can earn up to $15,000 in gas credits to essentially subsidize users’ transaction costs.
Coinbase’s smart wallet has been initially launched on 8 blockchains: Base, Ethereum, Optimism, Arbitrum, Polygon, Avalanche, BNB and Zora.
In the build-up to the launch, Coinbase’s Base network has become the third most valuable Layer-2 network for total-value locked (TVL). It’s TVL now stands at $1.7 billion which is up 20% since May and has overtaken Optimism’s OP mainnet.
Robinhood Buys Crypto Exchange
Robinhood is betting big on crypto by buying crypto exchange Bitstamp for $200 million. Get this, it’s an all-cash deal!
Bitstamp is one of the world’s oldest crypto exchanges after being founded in 2011. For Bitstamp to survive this long in a new and disruptive industry like crypto is impressive. Despite market share declining in recent years, the all-cash deal is the icing on the cake for a company like Bitstamp.
Now with Robinhood being mainly US-focused, buying Bitstamp gives them access to 4-5 million customers across the UK, Europe and Asia to enable them to compete with the likes of Kraken and eToro.
Robinhood is certainly making a comeback, one that most didn’t think was possible after the pandemic-induced bull market in 2020-2021. Cut to 2024 and Robinhood announced record earnings in Q1 and a $1 billion stock buyback.
After diversifying its business model by adding services like credit cards and retirement accounts, it’s ready to take on the next crypto bull market. The deal is expected to close in the first half of 2025.
New Projects / Tokens
- Artificial Superintelligence Alliance [ASI] token merger happens June 11th. Holders of FET, AGIX, and OCEAN will be able to convert those tokens for the new ASI token. The protocol will provide a product alternative to the centralized AI products and services coming out of Silicon Valley.
- BorpaToken’s [BORPA] public sale begins today, June 8th. BORPA is a “next generation” memecoin, brought to you by EntangleFi.
- EigenLayer [EIGEN] just surpassed $20B in TVL. EigenLayer is an Ethereum re-staking protocol. The stakedrop claim window for the protocol’s native token – EIGEN – is open now.
- IntentX [INTX] just launched its native token, INTX. IntentX is a decentralized derivatives trading protocol that supports over 250 futures with up to 60x leverage. The protocol is built on Mantle.
- Kraken Exchange is working to raise $100M and pre-IPO funding in an attempt to go public. Kraken is arguably the second-most prominent exchange in the U.S., behind Coinbase.
- Sanctum [CLOUD] just dropped its native token – CLOUD – into the market. The protocol provides a multi-LST liquidity pool of whitelisted LSTs, so that users can easily swap between any two LST pairs. Sanctum is one of Solana’s fastest growing dapps.
- Spectra’s [APW] protocol went live this week. Spectra is an open interest rate derivatives protocol on Ethereum and Polygon. The project was formerly known as APWine.
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Hyperliquid Airdrop Campaign
Hyperliquid recently announced that it will be running a 4-month long campaign filled with rewards and bonus points for users of the Hyperliquid protocol. With the market having so much to farm at the moment. Hyperliquid wanted to make sure that everyone had lots of time to participate in their Airdrop event.
Hyperliquid, as the name suggests, is a perpetual exchange marketplace. If you’ve recently participated in the Zeta Markets points campaign then you’ll feel right at home on Hyperliquid. Start by choosing the Trade tab and then selecting the type of margin trading you’d like to do from the three available options; Cross, 20x, or One-Way. After selecting your ideal margin you’ll sign a transaction to open your account. This will now provide you with the Deposit tab. Currently, Hyperliquid only operates on Arbitrum. With USDT, USDC, and USDC.e being the three stablecoins currently allowed. Deposit one of these three stables to open your long/short trade.
If you don’t want to trade on your own, Hyperliquid also offers a Vault option where you can pool your funds with others and share the P&L from that Vaults trading activity. Find the APR that offers you the best returns and deposit stablecoins to participate in the Hyperliquid Airdrop. Each week a total of 700,000 points will be distributed for the next 4 months to everyone who uses Hyperliquid.
Are Memecoins Really the New NFTs?
Memecoins have been surging this cycle while NFTs struggle, but there are similarities between the two, as both can be community driven and deliberately steer away from utility (although NFTs can be used in a variety of ways).
Where they differ, is that memecoins have improved liquidity and less friction when trading, while NFTs may thrive on a sense of exclusivity.
There are several recent projects that have overlapped between NFTs and memecoins, including tokens such as BOME, MFER, ANIME, DOG, RUNECOIN, PUPS, and DECENTRALIZED.
TO READ THE REST OF THIS ARTICLE, CLICK HERE – “Are Memecoins Really the New NFTs?”
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Lark and the Wealth Mastery Team
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Wealth Mastery (Lark Davis, and the Wealth Mastery writing team) are not providing you individually tailored investment advice. Nor is Wealth Mastery registered to provide investment advice, is not a financial adviser, and is not a broker-dealer. The material provided is for educational purposes only. Wealth Mastery is not responsible for any gains or losses that result from your cryptocurrency investments. Investing in cryptocurrency involves a high degree of risk and should be considered only by persons who can afford to sustain a loss of their entire investment. Investors should consult their financial adviser before investing in cryptocurrency.
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