According to Eric Jackson, founder of EMJ Capital, each Ethereum token could eventually reach $1.5 million, with its next price surge "potentially catching everyone off guard."
Jackson stated in a series of X posts on Sunday (July 13) that "our analysis indicates that the ETH network is undervalued. Ethereum is quietly becoming the dominant rail system for cryptocurrency trading, with deflationary economics."
He mentioned that the U.S. may approve Ethereum (ETH) exchange-traded funds that include staking, and the use of blockchain by large financial companies could become a "catalyst for tenfold growth in the coming years," meaning its value could increase tenfold.
The U.S. Securities and Exchange Commission is expected to allow Ethereum ETFs to launch in July 2024, and analysts speculate that regulators will approve ETH products that include staking this year.
Jackson noted that many people mistakenly believe that ETH has already been factored into the approval of U.S. ETFs, as they "have underperformed" compared to Bitcoin (BTC) ETFs.
According to CoinGlass, as of now, the trading volume for U.S. spot Bitcoin ETFs is $6.9 billion, while the trading volume for Ethereum ETFs is $1.41 billion.
"The real catalysts are still ahead: staking approval, expected before October," Jackson said.
"Once ETH becomes a production-grade staking asset packaged in an ETF… it is no longer just 'digital oil.' It is an institutional-grade yield product."
He added that ETFs will exacerbate Ethereum's "already deflationary token economics," as the circulating supply of the cryptocurrency will decrease with the influx of traditional finance and increased staking demand.
Jackson stated that if large companies using blockchain continue to grow, ETH could eventually rise to $1.5 million.
He pointed out that stablecoin issuer Circle Internet Group, cryptocurrency exchange Coinbase, e-commerce platform Shopify, and trading platform Robinhood all use or allow their users to utilize the Ethereum network.
Jackson said that if traders believe in the continued growth of these companies and that "some business activity remains in cryptocurrency and away from fiat, then you believe in ETH."
"If this shift towards ETH commerce truly happens (I believe it will), then ETH will rise to $1.5 million over time."
Jackson indicated that his and his company's "base case" is that Ethereum will reach $10,000 by the "end of this cycle," which is typically considered a four-year cycle, viewing the current bull market as ending in March 2026.
He added that his company's "bullish case" is that Ethereum could reach $15,000, provided that the adoption of layer two blockchains and ETH inflows "exceed expectations, with new staking approvals expected before October."
Jackson stated that his predictions do not assume breakthroughs in decentralized finance, stablecoins, or the usage of layer two networks by Robinhood and Coinbase, adding that the inclusion of these factors would make ETH a "100-fold growth."
According to Nansen, Ethereum is currently trading at around $3,040, up 2.8% in the past 24 hours, rising alongside Bitcoin, which reached a new high of $120,000 earlier on Monday (July 14).
Related: The Fragile Boundaries of Decentralization: DeFi Concerns Behind the GMX Exploit
Original article: “The ‘100x Coin’ — EMJ Capital Predicts Ethereum (ETH) Could Soar to $1.5 Million Long-Term”
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