The research team said that Ether is “structurally” valued at $26,000–$35,000 — 10 times its current price — but BTC must reach $175,000 for that to occur.
Nick Spanos, one of the first BTC exchange operators and co-founder of Zap Protocol, defined the Tuesday crash in the crypto market as a false dip. “Big finance and the media say it’s because there was a bumpy rollout in El Salvador. I’m in El Salvador right now and things are looking spectacular,” he said, adding:
“So here we have a president who is breaking new ground, like a top CEO, rolling out innovation. He believes in it: he bought the dip, as everyone should be.”
Spanos said that “there’s essentially a fire sale as a result of the dip, will almost certainly prove to be a great move.”
Bitcoin price is nearing $46,400 at the time of writing. As Cointelegraph reported, Bitcoin was closing on $53,000 on Sept. 7, the day El Salvador adopted the largest cryptocurrency as legal tender, before taking a sharp dive to $43,000.