Elon Musk backs bold 2030 crypto predictions, potentially catapulting Bitcoin and Ethereum

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Although cryptocurrency market giants Bitcoin (BTC) and Ethereum (ETH) recently consolidated their gains, many cryptocurrency proponents shared their bullish predictions for the future of the industry, including Elon Musk.

The CEO of Tesla (NASDAQ:TSLA) and Twitter (NYSE:TWTR) happened to be responding to a July 11 post from Twitter user Daniel, aka grow_daniel, who shared his prediction that by the end of the decade, all traditional currencies could be digitized through computer processors or graphics processing units (GPUs).

By 2030, all currencies will be fully backed by GPUs which five years ago would have looked like a crypto prediction

— Daniel (@growing_daniel) July 11, 2023

Namely, the author referenced the fact that proof-of-work (PoW) crypto miners use GPUs used to mine digital assets, as well as the growing trend of digitizing fiat currency. In response, the billionaire entrepreneur agreed with the general sentiment, while making it clear that there should be a change in terminology for the underlying technology as such. As Musk replied:

We should probably stop calling them GPUs, but yeah.

Notably, statements as powerful as the above, particularly expressed by influential figures like Musk himself, have been known to influence general sentiment in the crypto sector, driving up the price of the mentioned digital assets concerned or the market in his outfit.

With this in mind, Bitcoin and Ethereum, as representatives of the industry and largest digital assets by market capitalization, could see a significant price increase, especially coinciding with other trends and indicators that could contribute to this bullish movement. .

Bitcoin and Ethereum price analysis

At press time, Bitcoin was trading at $30,728, showing an increase of 1.08% on the day, a decline of 0.12% on the previous week and an 18.56% gain on its chart. monthly, according to the latest data retrieved by Finbold on July 12. .

24 hour Bitcoin price chart. Source: Finbold

Indeed, the pseudonymous crypto market analyst known as Seth noted past Bitcoin chart patterns, particularly those from 2016 and 2019, which suggest the Bitcoin bull market has officially started, as Finbold l reported earlier.

Meanwhile, the Ethereum cryptocurrency price stood at $1,889.36, up 1.07% in the last 24 hours, down 2.15% in the last seven days, as well as gaining 8.36% from its value in the previous month, as recent charts suggest.

Ethereum 24 hour price chart. Source: Finbold

Additionally, Ethereum also gave off a bullish mood, leading crypto analyst Altcoin Sherpa to express belief that it could hit $3,000 before a pullback, the strength of which will depend on broader macro factors, according to the tweeter. .

Disclaimer: The content of this site should not be considered investment advice. The investment is speculative. When you invest, your capital is at risk.

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