Written by: George Prior
The art world will help drive up prices of cryptocurrency Ethereum, taking it to $500 by the end of the year, affirms an influential tech expert and business analyst.
The comments from Ian Mcleod, from Thomas Crown Art, the world’s leading art-tech agency that he established with renowned art dealer, Stephen Howes, comes as the world’s second largest cryptocurrency failed to break the $208 and $210 resistance levels against the U.S. dollar.
Mr Mcleod observes: “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.”
He continues: “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.”
He goes on to add: “Not only is Ethereum a fundamentally strong digital asset, its blockchain provides workable, tangible solutions for many sectors, it solves problems, and enhances existing systems.”
Last month, Mr Mcleod told the media: “We can expect Bitcoin to lose 50 per cent of its cryptocurrency market share to Ethereum, its nearest rival, within five years.
“Ethereum is already light years ahead of Bitcoin in everything but price – and this gap will become increasingly apparent as more and more investors jump into crypto.”
Will the Fed Cut Rates?
How to Grow as a Financial Services Marketer
Why Companies’ CSR Efforts Fail
Manage Like a Coach Not a Boss
What Does the Fourth Industrial Revolution Mean for Healthcare?
Are You Building Your Path to Greatness?
The Top 7 Paying Cybersecurity Careers
Every Action Has An Equal And Opposite Reaction
Cracking the Code to Customer Devotion with Shawn Moon
How To Improve Productivity In The Workplace
Equities22 hours ago
These 4 Stocks Are Pointing Higher
Development22 hours ago
6 Things Banks Taught Us About Building A Super Profitable Business
FinTech22 hours ago
The Logic of Digital Change
Permission to Succeed2 days ago
A Liquid Commodity for Diamonds with Cormac Kinney
Building Smarter Portfolios2 days ago
Why Insured Municipal Bonds Make Sense Today
Advisor Marketing2 days ago
Why You Should Treat Your Content Like Atoms in Financial Services
Development4 days ago
Do You Understand the True Value of Advice?
Advisor Marketing4 days ago
How Often Should Financial Advisors Blog?