David Gokhshtein — cryptocurrency investor, entrepreneur, and CEO of crypto media firm Gokhshtein Media and PAC Protocol (CRYPTO: PAC) — shared some ambitious price targets for Dogecoin (CRYPTO: DOGE), Ethereum (CRYPTO: ETH), and Bitcoin (CRYPTO: BTC).
According to him, the price “will surpass a dollar” since he views it as a gateway to the crypto market for newbies before they transition to other cryptocurrencies.
Gokhshtein explained that he believes Dogecoin will reach such a price just because “people put value on things” and “if people deem something to be worth something, it’ll get there.”
He also noted that he does not believe that promotion by tech tycoon Elon Musk will be the only reason for it growing in value since retail-focused exchange Robinhood and “the meme economy” helped it a lot as well.
Talking about Ether, Gohkstein cited the recent London hard fork and its introduction of the Ethereum Improvement Proposal (EIP) 1559, which resulted in the blockchain starting to burn (destroy) thousands of Ether daily — decreasing the coin’s inflation.
According to him, the coin is going to become deflationary, and this makes price growth likely. For this reason, he is personally regularly buying it to achieve dollar-cost averaging and ignore short-term volatility.
Gohkstein even believes that Ethereum’s London network upgrade and the introduction of EIP-1559 will reignite the crypto bull market as it takes on the role of the market driver — traditionally held by Bitcoin.
In fact, he expects “ethereum pulling the market up and, maybe the unpopular opinion, bringing bitcoin with it.”
Gohkstein’s said that his conservative price target is for Ether to hit a price between $12,000 and $14,000 by the end of 2021 and early 2022.
He expects that while Bitcoin will hold onto its role of “digital gold,” Ethereum will also become a store of value akin to “digital silver.”
Despite all his bullish expectations for Ethereum, Gohkstein does not expect it to exceed Bitcoin’s market cap as many of the coin’s proponents do.
He thinks Bitcoin will hit about $85,000 by the end of the year — noting that this is a conservative price estimate as well.
Price Action: Bitcoin, the leading cryptocurrency, was trading at $45,508, slightly down over the past 24-hours. Ethereum was also slightly down, at $3,150. Meanwhile, Dogecoin lost 1.77% and was trading at $0.255.