$30 Billion In Bitcoin (BTC) To Move To Ethereum (ETH) By End Of 2021
It’s been revealed that Spencer Noon, who is the head of the crypto-native investment fund DTC Capital said that the total amount of BTC that’s held on the Ethereum blockchain would surge by 20 times by the end of 2021.
He revealed this prediction on Twitter.
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 pic.twitter.com/B4yYbKa2Sa
— Spencer Noon (@spencernoon) October 10, 2020
He continued and said: “Note: as @hasufl points out correctly, there is a small amount of synthetic Bitcoin in this figure that shouldn’t be counted – 2,506 sBTC ($28,419,418). Still ~130k Bitcoins on Ethereum, though.”
A follower said: “Good to see how the store of value that bitcoin provides wants to be preserved when you move around different blockchains instead of selling it for something else while also helping different applications have a strong asset to collateralize solutions.”
Anyway, the bold prediction mentioned above comes after the DeFi Pulse released a report that investors have now converted 141,683 BTC worth of approximately $1.5 billion into ERC20 tokens.
More BTC to move into ETH
Even in Noon predicted that more BTC would eventually move into the Ethereum blockchain, he and more analysts in the field expect that Bitcoin holders will continue to hold their crypto.
Such a believer is Messari founder and CEO Ryan Selkis, who shared his thoughts on the pace at which BTC holders will let go of their supplies.
“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++,” he said, as cited by the Daily Hodl.
In other recent news, Fidelity just explained how Bitcoin (BTC) could reach a $1.3 billion market cap.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.