Steven Nerayoff stated that the “exponential increase in the number of projects” using Ethereum is one of the reasons the currency could thrive this year.
He said: “What you’re seeing with Ethereum is exponential increase in the number of projects — there are billions of dollars being poured into the ecosystem right now — maybe 10 times more projects this year than last year, which could easily lead to a doubling, probably a tripling in price by the end of the year.
“You’re seeing a tremendous amount of growth across a wide variety of industries.
Mr Nerayoff increased speculation that he is looking to dwarf Bitcoin with his cryptocurrency after declaring Ethereum can process payments more quickly than its rival, and at a smaller cost.
He went on: “People are actually using it for currency, as well.
“Lower transactional costs are increasing usage of the entire network, and that’s increasing the network effects of it.
“There are more users, more projects being built on there and more programmers.”
However, the co-founder admitted that Bitcoin could see even greater demand in 2018 due to “huge interest by the public”.
He declared: “The entire space is increasing. There is huge interest by the public and there are more areas in which the public can invest, even in bitcoin, so you could just see an expansion in the entire space.”
Ethereum is currently valued at £861.63 ($1,168.47) while Bitcoin is currently worth £11123.19 ($15,084.34).
Vladimir Putin recently met with the founder of Ethereum, Vitalik Buterin.
Reports have circulated that the Russian president has ambitions to create his own national cryptocurrency dubbed “cryptorouble”.
Sergei Glazev, an economic advisor to Mr Putin, previously declared that the currency could be a useful tool to evade economic sanctions from western powers.
He said: “This instrument suits us very well for sensitive activity on behalf of the state. We can settle accounts with our counterparties all over the world with no regard for sanctions.”
This article was curated from Google News. You can read the original article here.