London Hard Fork Will Trigger ‘Enormous’ Run-Up in Demand and Value of Ethereum, Says ConsenSys Founder Joseph Lubin
ConsenSys founder Joseph Lubin believes that Ethereum’s value will surge, as he expects the leading smart contract platform to face exponential demand ahead of its August upgrade.
In an interview with CNBC, Lubin says that his team is seeing a steep rise in interest from those who wish to build on the Ethereum (ETH) platform and that demand for ETH is also growing.
This phenomenon, coupled with the upcoming London hard fork which will effectively make ETH a deflationary asset, will boost the price of Ethereum significantly, says Lubin.
“We’re seeing exponential demand for the Ether token to run transactions, to run programs on the network, on top of essentially massively decreasing supply. So we anticipate that there will be an enormous run up in demand and the value of Ether.”
In the second financial quarter of 2021, the Ethereum network settled over $2.50 trillion in transactions, notes Altcoin Daily host Austin Arnold in a new video.
Although development and interest in the Ethereum platform have only increased in Q2, ETH’s price has not reflected that growth, says Arnold. Today, Ethereum is trading under $2,000 – well below it’s all-time high of over $4,000 in May.
The host suggests that this disparity is due to the rapid increase in demand for stablecoins on the Ethereum network, implying that holders are moving their funds out of ETH and into the dollar-pegged cryptocurrencies.
Lubin believes that the divergence of price from interest for Ethereum could change when the upgrade debuts on August 4th.
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