The head of crypto investment fund DTC Capital says the amount of bitcoin on ethereum blockchain will rise to $30 billion by the end of next year.
In a tweet published October 10, Noon predicted the amount of Bitcoin (BTC) on ethereum’s blockchain would increase twenty-fold by the end of 2021.
The investment fund head used data compiled from Duna Analytics to show there is 131,075 BTC ($1.5 billion) on ethereum’s blockchain now, bringing his 2021 prediction close to $30 billion. He said: “There are now 131,075 #BTC (~$1.5 billion) on Ethereum That is 0.624% of all bitcoins in existence I predict we’ll 20x this by the end of 2021.”
While Noon believes greater bitcoin migration is ahead, Messari founder Ryan Selkis thinks investors will be reluctant to part with their Bitcoin.
In a tweet published October 10, Selkis commented on the “I’m never selling this” attitude that permeates much of the bitcoin investment community. He said: “I don’t think people appreciate how high the ask is for a big chunk of the bitcoin supply.
Most of us have an “I’m never selling this” amount of bitcoin in case the dollar collapses. I’d say 30-40% of BTC doesn’t move until $100k++.”
According to well-known analytics frim DeFi Pulse, the amount of bitcoin locked into decentralized finance (DeFi) products has hit a new all-time high of $1.8 billion. Bitcoin investors have been flocking to ethereum-based tokens to participate in the DeFi boom, including the use of yield-farming lending protocols.
About DeFi : Most applications that call themselves “DeFi” are based on top of Ethereum, the world’s second-largest cryptocurrency platform, which sets itself apart from the Bitcoin platform because it’s easier to use to build other types of decentralized applications beyond simple transactions. These more complex financial use cases were even highlighted by Ethereum creator Vitalik Buterin 7 years ago in the original Ethereum white paper.