Art will drive up Ethereum price, claims agency head
1 ETH currently equates to around $200 USD. An "art-tech agency" believes that the art world will be responsible for pushing Ethereum's value by the end of 2018 to more than double.
Ian Mcleod of Thomas Crown Art is, in our view, being rather ambitious. Nothing wrong in that, of course, but for a currency to more than double its value in eight weeks is really going some. Ethereum has been hovering at around $200 for some time, so there needs to be something happening to get the rocket up the proverbial arse.
Mcleod spoke thusly:
Ethereum's price has been in bear territory for a few weeks, with prices declining dramatically. But it can be expected there will be a trend reversal between now and the end of the year. Once back in bull territory, there will be a dramatic upswing with considerable gains. It would be reasonable to believe that Ethereum will hit $500 by the end of 2018 and go on an overall upward trajectory throughout 2019.
Much of the expected price rises will be fuelled by an increasing number of sectors including real estate, antiques and finance, using Ethereum and its superior blockchain technology. The art world is likely to be one of the biggest adopters as blockchain can authenticate artwork. It's an ideal use-case for distributed ledger technology as it offers the ability to store a permanent, immutable record of artwork at the point of creation which can be used to authenticate registered works by any party.
Additionally to the predictions of Ethereum, Mcleod considers that Bitcoin will look overpriced in comparison to Ethereum as more people see the value of ETH. He predicts that within five years, BTC will fall in value by half.
Will it happen? We're not convinced (This is not legally binding investment advice. Ed) as there does not seem to be sufficient interest from the art market to push up Ethereum in the short term. In the next 12 months? Maybe. In the next eight weeks? Well, hmmmm. It's hard to see it happen.
Let us know if you disagree.