DTC Capital Chief Forecasts $30bln Bitcoin to Remain Locked in Ethereum Based DeFi Protocols Next Year October 17, 2020 October 17, 2020 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Bitcoin NewsOctober 17, 2020 by Kelly Cromley

DTC Capital Chief Forecasts $30bln Bitcoin to Remain Locked in Ethereum Based DeFi Protocols Next Year

Spencer Noon, chief of crypto focused investment fund DTC Capital, states that the aggregate amount of Bitcoin (BTC) locked on Ethereum blockchain will rise 20 times by the end of next year.

Noon disclosed his outlook on Twitter, pointing to followers to anticipate the aggregate value of BTC held in decentralized finance (DeFi) covenants to keep increasing.

“There are now 131,075 BTC (~$1.5 billion) on Ethereum. That is 0.624% of all bitcoins in existence. I predict we’ll 20x this by the end of 2021.”

Noon’s daring forecast has come against the backdrop of DeFi pulse’s info that investors have exchanged a historically high 141,683 BTC valued about $1.50 billion into ERC20 tokens.

Cryptocurrency traders are exchanging BTC for Ethereum based tokens that symbolize BTC, a step that permits them to primarily utilize their Bitcoin to take part in DeFi and capitalize on decentralized lending covenants, synthetic derivatives and exchanges.

Even though Noon expects that a lot of Bitcoin will be transferred to Ethereum chain, he and several professionals in the domain anticipate Bitcoin holders to carry on with hodling.

Messari founder and CEO Ryan Selkis is one such crypto professional who has given his opinion on the rate at which Bitcoin will be diluted by holders:

Noon replied to Selkis’ view by endorsing the forecast made by the chief of Messari. While accepting the fact that a lot more Bitcoin will be sent to DeFi platforms, a considerable quantity of Bitcoin will remain unchanged in the months ahead.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.