It has been reported that the research team said that Ether is “structurally” valued at $26,000–$35,000, 10 times its current price, but BTC must reach $175,000 for that to occur.
Nick Spanos, the co-founder of Zap Protocol and one of the first BTC exchange operators, said:
“Big finance and the media say it’s because there was a bumpy rollout in El Salvador. I’m in El Salvador right now and things are looking spectacular. So here we have a president who is breaking new ground, like a top CEO, rolling out innovation. He believes in it: he bought the dip, as everyone should be.”
However, Spanos backed the idea of a $100,000 Bitcoin price at the end of the year by adding that Ether is also looking to hit $10,000 by then. Spanos said that “there’s essentially a fire sale as a result of the dip, will almost certainly prove to be a great move.”
Thus, Bitcoin was closing in on $53,000 on Tuesday, the day El Salvador adopted the largest cryptocurrency as legal tender, before taking a sharp dive to $43,000.