Analyst VanEck raised his Ethereum price target to $22,000 by 2030.

Analysts at VanEck, an American investment firm that applied to list a spot Ether ETF, said they had raised their 2030 Ethereum price forecast. Ethereum ETH

+1.40%
Up to $22,000.

VanEck faced Matthew Sigel, Patrick Bush and Denis Zinoviev on Wednesday.

The company is one of several Wall Street investment managers currently seeking to list a spot Ether ETF after successfully launching a spot Bitcoin ETF in January. The U.S. Securities and Exchange Commission (SEC) approved the spot Ether ETF last month. Investors who purchase exchange-traded funds can profit when the price of a cryptocurrency rises without having to purchase tokens directly. Likewise, ETF sponsors earn fee income as more assets accumulate in their funds.

“We expect a spot ether ETF to be close to approval to be traded on a U.S. stock exchange,” VanEck analysts said in a note. “This development allows financial advisors and institutional investors to hold this unique asset with the security of a qualified custodian and enjoy the pricing and liquidity benefits of an ETF.”

Once listed, a spot Ethereum ETF could attract $3.1 billion to $4.8 billion in net inflows in its first five months of trading, according to K33 Research.

According to a company spokesperson, the author of the VanEck report “holds positions in Ethereum, either directly or through private funding.” “The information contained herein represents the opinions of the author and not necessarily those of VanEck or any other staff member,” according to the report.

Ethereum’s continued growth

According to the report, “The Ethereum network is likely to continue its rapid market share growth from traditional financial market players and, increasingly, big tech players.” “If we do so while maintaining our dominant position among smart contract platforms, we could deliver $66 billion in free cash flow to token holders supporting $2.2 trillion in assets by 2030, or $22,000 per coin. “I can see a clear path.”

The $22,000 price target represents the author’s base case price target. Bullish and bearish price predictions were $154,000 and $360, respectively.

“We believe that ETH is a revolutionary asset with few analogues in the world of non-crypto finance. ETH can be thought of as ‘digital oil’ because it is consumed by participating in Ethereum activities,” the authors also wrote.

The price of Bitcoin has risen 54% since the spot Bitcoin ETF began trading in January, from about $46,000 to about $71,000, according to the Block Price Page. Top Wall Street firms such as BlackRock and Fidelity have launched spot Bitcoin ETFs with VanEck.

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