Welcome to BitBoy Crypto! The largest crypto channel in all the Interwebs.
My name is Ben.
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Today, we are going to be talking about Ethereum.
This is our Sunday drive video every Sunday where I drive to church,
and I tell you about what's happening in crypto.
Today's an extra special episode because we are coming to you live
from the brand new Dodge Demon, the replacement for my Hellcat.
The 2018 with only 13 miles on it.
I was told that an NFL player was supposed to buy this and it fell through,
and so I got to come in and scoop it up.
So, it's a phenomenal car. I'm really excited. It goes zero to 60 in 2.3 seconds.
I don't really want to lay on it too much
because you guys know what happened a couple weeks ago.
But anyways, guys, we're going to be talking about Ethereum today
and its possible price target of $100,000.
And I know it sounds crazy when you hear that,
but we're going to be basing this on something that was said over the weekend,
or over the last few days by one Mr. Arthur Hayes.
Now, if you don't know Arthur Hayes, he was the founder of BitMEX.
He's been in big trouble because BitMEX has been accused of everything under the sun---
lying, cheating, manipulating the price of Bitcoin,
and the biggest mistake that they made was that you've got four American founders from San Francisco
that started an unregulated leveraged trading site.
So if you look consistently at what the CFTC and SEC has gone after in cryptocurrency,
it's projects with strong ties to Americans,
or, you know, serving American customers when they shouldn't be, things like that.
So BitMEX was basically Bybit before Bybit was Bybit.
And, you know, Bybit has no American ties, so it's a little bit different.
They're not really concerned about, you know, the US regulators coming after them,
but they may come after them at some point, who knows?
But if that ever were to happen,
you have to keep in mind, the SEC and the CFTC, they protect you, not the entities, right?
So, if they ever did go after Bybit or any of these other leveraged trading sites,
you don't have anything to worry about if you've been using it.
It would really be them that would be, you know, potentially in trouble.
But Arthur Hayes this weekend talked about Ethereum,
and he said something that is insane about the price potential for ETH.
Basically, I mean, according to his logic--
and, guys, look, I'm just a messenger.
Don't shoot the messenger. Okay?
Potentially, a $4 million Ethereum?
How insane does that sound?
Well, I'm going to give you the logic behind that number
and why I think that according to this math,
Ethereum could easily get to $100,000 during the next cycle.
Now, you guys know my price target for this cycle is $27,000.
And I do still believe we are on track to hit that.
That's less than a-- or a little bit more actually.
It's about an 11X from here. Okay?
So that's not that unheard of.
You know, an 1100% gain in a bull market from here.
Ethereum is looking very strong, primed to break out.
It is ready to break out in the near term.
How high is it going to go? I'm not really sure in the short term.
But let's get back to what Arthur Hayes said.
He said-- now, keep in mind, this is a guy who, for years and years and years,
said that Bitcoin was garbage,
said that it was a double digit, you know, altcoin.
I don't want to use the word--
I try to be family-friendly here, so I don't want to use the word he used to call it,
but it rhymes with Bitcoin. Shhh.
So anyways, the long and short of it is he said it was terrible. He doesn't like Ethereum.
Now, he's retracing that, and he's saying like, "Wow!
Actually, you know what? Now that I think about it,
I wish I got in on the 30¢ ICO for Ethereum. That would have been really phenomenal."
So he's really retracing everything that he said in the past. Why?
Well, it's so obvious what Ethereum is doing right now.
It is becoming the decentralized internet of the world.
But it's not just the decentralized internet.
It's a network that is going to facilitate decentralized finance,
which is going to be the No. 1 niche in all of cryptocurrency.
It has already shown its prospects.
But the thing is, is centralized finance is having a very, very tough time
holding on to what they still have.
I talked about it this week in Miami at the crypto conference.
Basically, centralized finance,
and what we mean by that is your traditional banks and lenders and, you know, Visa, all that,
these are archaic.
They are the horse and buggy of cryptocurrency-- or of payments in finance.
Ethereum, decentralized finance is the automobile. Okay?
It may be a Dodge Demon even, okay?
It is automobile.
Basically, you're looking at horse and buggy versus automobile.
It is so obvious what is going to happen.
It's unreal.
It's just a matter of time,
and these centralized finance companies and entities are holding on for dear life
because they know what is coming.
That's why Bank of America in the report, I reference this a lot,
they said, "Bitcoin? We're not really that worried about Bitcoin.
But DeFi? We are very concerned about."
Why are they concerned?
Because they're the old way, and that is the new way.
So if you were to look at market share,
and if you were to say that decentralized finance was able to take half of 1%,
half of 1% of the overall finance market,
if DeFi were to take half a percent and centralized finance were to keep 99.5%,
that would put the cost of Ethereum at $20,000.
Now, I've told you guys this before,
this bull run is a lot about hype and speculation.
The next bull run, in my opinion, in four years, will be more focused
on actual adoption and use case and usage.
So these numbers might make more sense then.
I think Ethereum can get to $20,000 easily during this bull run
without having to take up that much market share.
But if it did,
that's what would happen.
So if we think about that, when you say, "Okay, well, half a percent isn't that much.
What if Ethereum were to take just 2.5%?
What if DeFi were to take 2.5% of traditional finance?"
You would be looking at a $100,000 Ethereum.
And Arthur Hayes believes this is coming.
Now, I think that if you look at the overall marketplace of DeFi,
you're going to have to factor in the fact--
factor in the fact--
that Cardano, Solana, Polkadot, BSC,
a lot of these other chains are going to take some percentage of that market share. Okay?
So, can Ethereum capture 100% of the DeFi market and leaving centralized finance with 0%?
I don't think so.
Especially because of all these other chains.
But I think eventually we could see a world where DeFi is 70%, 80% of the overall market.
And if we were to see that, you were to say, "Wow, Ethereum, if it were to capture,
you know, just 10% of that, you know, you could be looking at a $200,000 Ethereum."
Do I believe this is going to happen?
Yeah, I do. I've told you guys this before,
I believe fully in the prospects of decentralized finance,
of Ethereum.
That's why I'm so big on Ethereum.
That's why I've told you guys
a lot of the stuff happening with it over the last few months has been FUD.
Don't listen to it. Ethereum is still the top chain.
The reason why it struggles--
and Arthur Hayes, you know, talked about this.
The reason why it struggles a little bit is because it's the No. 1 chain.
It has so many more transactions going through. That's what leads to these high gas fees.
So I thought I'd get out and show you guys the car here for a second.
You might have to look backwards at it.
So it looks kind of just like a regular Challenger here,
but we got the Demon logo right here.
You guys see? Can you see it? There it is.
You got the Demon logo which is pretty cool.
You guys see the color. It's gray.
It's got a big scoop on the hood.
It's got some air intake there on the front.
I'm going to get some BitBoy yellow orangish highlights accents on it.
I don't know exactly what I'm going to do yet for that.
But it's got the real actual racing tires, as you guys can see.
The drag racing tires.
So, it's just a little tour of the car.
Brand new car. I'm excited about it.
I'm excited. I like it.
But I know $100,000 Ethereum is more exciting.
And if that happens, I mean, you guys are going to be able to get a big boy car, too.
Alright, guys, listen.
I love you guys.
It's Sunday. I've got to go ahead and head to church.
I've got to save my soul after buying this Demon.
So, I love you guys. We'll talk to you later.
That's all I got.
Be blessed.
BitBoy out.