The multinational investment bank Goldman Sachs believes Ethereum’s native token (ETH) could nearly double its USD value during the remaining two months of 2021.
The Managing Director of the financial institution – Bernhard Rzymelka – justified the forecast with the correlation between cryptocurrencies and global inflation rates. More precisely, they are in direct proportion, and the rising inflation leads to all-time highs of digital assets.
Can Ethereum Skyrocket to $8,000?
In a recent note, the top executive gave a detailed prediction why ETH could rise to $8,000 by the end of the ongoing year. According to him, cryptocurrencies have traded in line with inflation breakevens since 2019. He asserted that the soaring inflation fuels a record increase of digital asset prices, and more specifically, ether.
Rzymelka outlined a chart with the Bloomberg Galaxy Crypto Index on a log axis versus the USD 2-year forward 2-year inflation swap. The graphic tracks “inflation markets partic
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