Sometimes Ethereum news makes me feel like Bill Murray in Groundhog Day. One day, it swings above $300.00. The next day, it is below. The day after that, it’s back up again. It’s just the same thing happening over and over.
But I fight that feeling because it’s not actually true…
Much like the movie, cryptocurrencies will twist and turn, but ultimately bend towards a happy ending. Bill Murray learns to be a nice guy and he gets the girl, but not before facing his own demons.
In the same way, Ethereum will have to face up its problems. For example:
- Scalability: If you’re going to put all digital records on a distributed ledger, scaling becomes a serious issue. Bitcoin is already having this issue, and it is solely concerned with payments technology. Ethereum dreams much bigger, thus its scaling issue is correspondingly bigger.
- Bad ICOs: There are a lot of terrible initial coin offerings (ICOs) on Ethereum. That is simply a fact. Scam artists are using the platform to promote 21st-century Ponzi schemes that are merely disguised as ICOs. This needs to be fixed.
- Enterprise Adoption: The fate of cryptocurrencies will be decided in boardrooms, not bars and restaurants. It won’t be people paying for dinner with Bitcoin that changes the world—it will be corporations deciding to give blockchain technology a chance. That is where Ethereum should be focusing its energy.
This the truth about Ethereum. It genuinely has the power to change the world, but there are serious roadblocks. Luckily, we’ve seen signs that each of these issues is being dealt with.
For instance, Ethereum’s wunderkind founder, Vitalik Buterin, recently revealed his scaling roadmap for Ethereum; prominent tech gurus like Joi Ito spoke up against bad ICOs; and the Ethereum Enterprise Alliance added 48 new members.
As these trends continue to unfurl, hopefully, we will see the Ethereum to USD exchange rate lift off from $301.68.
Daily Ethereum Chart
We maintain our $1,000 Ethereum price forecast for 2018, particularly in light of an unusually high concentration of funds in Bitcoin. A powerful reverse-rotation after the SegWit2x fork could send ETH prices skyrocketing.