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Ether (ETH), the world’s second-largest crypto and the native crypto of the Ethereum network, has the potential to go higher in a year or so as the decentralized market picks up, according to Jim Bianco. To get to that point, however, the Bianco Research president cautioned that investors will have to endure much of the same level of volatility seen last week.
In an interview with CNBC, Bianco pointed out that there are two important drivers in the crypto market right now. One of these is decentralized finance (DeFi), which he described as significant and holds a lot of promise.
“Well one of them is the whole decentralized finance movement which is simply rebuilding the financial system in a new way,” the Bianco Research president told CNBC. “I think that’s got a lot of promise and that’s really what’s significant.”
The other driver, whom he described as problematic, is the speculative activities in crypto. With speculation driving huge price swings in the market, the volatility might distract investors from clearly seeing the progress currently being made in DeFi.
“The problem is the other driver,” Bianco opined. “It’s kind of an out-of-control casino with people betting on these coins going up and down. And it has kind of masks the bigger picture of what is going on there.”
Bianco is betting that Ether (ETH) will ultimately benefit from the decentralized finance movement regardless of the high volatility of the crypto's price at the moment. “But if you focus down that bigger picture that the financial system is being remade and that if that will be successful, which I think it will be, a lot of the cryptocurrency protocols that we look at and some of these coins like ethereum are going to be a lot higher way down the road,” he added.
However, investors must brace themselves for the inevitable volatility along the way. “But you got to have to stomach through much more of what we saw in the last week coming in the next several months or year or so,” Bianco said.
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