BitBoy Crypto founder Ben Armstrong joined Yahoo Finance to discuss the current crypto market landscape and how Ethereum passing bitcoin could lead to new all-time high prices for the rest of the market.
Video Transcript
– So traditionally, what we see is a Bitcoin four-year cycle based on what we call the Bitcoin halving, where the block rewards are cut in half. Basically, the production of Bitcoin is cut in half every four years. This leads to a price surge for about a year and a half and then a tremendous price drop.
Right now, we’re right in the thick of where we should be in the middle of a bear market. So to me, I think the only chance that we break out of this four-year cycle and that we do see Bitcoin hit all time highs again maybe by the end of this year, beginning of next year, is for Ethereum to finally take its seat at the top of the market and to lead the market.
I ultimately believe Ethereum will pass Bitcoin in market cap. I don’t even think it’s a question, it’s just a matter of when. I think this is a tremendous moment in crypto history. And this is going to be the moment that is going to determine, can Eth take its seat and lead the market or will we still be slaves and dependent on Bitcoin to move the market? And if that’s the case, then buckle in. The next year might be kind of rough as we lead up into the 2024 halving, which should occur sometime March or April in 2024.
[MUSIC PLAYING]
