Garry Tan, co-founder of venture capital firm Initialized Capital, is confident that the current trajectory of Ether (ETH) is leading the cryptocurrency to the $ 10,000 mark.
“Ethereum is heading towards $ 10,000,” Tan told CNBC on Tuesday. “It’s incredible that it still costs $ 3,500. I am delighted with what is happening because it is really programmable money.”
At the same time, he acknowledged that both bitcoin and ether have a future.
“The same applies to the whole world of cryptocurrencies, because this is an extension of what we are talking about. Tech giants were the first, and cryptocurrencies were the next, ”he added.
Tan became an early investor in the cryptocurrency exchange Coinbase in 2012 and, according to his own words, had multiplied his investment by 6,000 times by the time of its public listing last month. In May 2020, with an ETH price of $ 240, he announced that he was once again building up his position in the cryptocurrency. At the same time, he assumed that after him investors would be able to buy ETH at a more favorable rate, however, as further history showed, such opportunities did not arise.
Talking to CNBC, Tan also commented on the Berkshire Hathaway conference held over the weekend with the participation of company executives Warren Buffett and Charles Munger. Munger said he hated the success of bitcoin, in his opinion, contrary to the interests of civilization, and Buffett refused to answer the question about cryptocurrency.
“These are incredible legends, Buffett and Munger. We can learn a lot from them. I would never write them off as people worth paying attention to. They laid down the fundamental principles that define what it means to be a great investor. But we can agree with them or disagree, ”Tan said.
However, CNBC host and former hedge fund manager Jim Kramer announced today that he has sold half of his ETH after the cryptocurrency hit another high. With the proceeds he bought a new Hummer. In mid-April, Kramer similarly disposed of bitcoins to pay off the mortgage.
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