Galaxy Digital: Bitcoin and Ethereum seen doubling by mid-2023

Bitcoin and the second-largest cryptocurrency by market capitalisation are capable of doubling in price by mid-2023. This forecast was shared by Jason Urban, co-head of Galaxy Digital’s trading desk.

Among the drivers, the executive cited continued institutional adoption of digital assets.

“Earlier this year I could say that I saw Bitcoin at $100,000, and Ethereum in the range of $6,500 to $7,000. Do I think the cryptocurrencies on this path will meet resistance? Potentially yes. Do I think it will matter? No! If not by the end of the year, then in the first or second quarter of 2023 this will happen. I see a huge number of new investors, and the market will continue to move higher,” Urban explained.

A Galaxy Digital representative suggested that Ethereum could overtake Bitcoin in market capitalisation over time.

“Investors are recognising the power of smart contracts. Ethereum is what you need for new ideas. It’s copper, while Bitcoin is digital gold,” he said.

The executive said the process would take time. Urban doubted that a leadership change would occur in the next two to three years, though he did not rule out such a scenario.

Earlier, BitMEX co-founder Arthur Hayes predicted Ethereum would rise above $10,000 by the end of 2022.

Earlier, Galaxy Digital founder Mike Novogratz warned that Bitcoin would again “take off” once the Fed pauses tightening monetary policy.

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