Can Ether Hit $10,000? Tron Founder Boldly Says Yes, But On These Specific Conditions
The overall crypto market was experiencing some selling pressure on Wednesday after President Donald Trumps second day in office, which went without the new commander-in-chief mentioning crypto despite the industrys anticipation that hed establish a strategic Bitcoin reserve on day one.
Amid this price drop, controversial Tron founder Justin Sun has laid out an epic plan to propel Ethereums native token, Ether, toward the $10,000 mark if he were in charge.
Justin Sun Proposes Ambitious Strategy To Send ETH To $10,000
In a Jan. 22 post on X, Justin Sun highlighted the ETH to $10,000 plan he would execute if the Ethereum Foundation (EF) and Ether were under his leadership.
For starters, Sun said he would pause ETH sales during the first week to optimize revenue. As for the Ethereum Foundation, Sun suggested that it would stop selling its ETH for at least three years, with the non-profits operation costs being covered through AAVE lending, staking yields, and stablecoin borrowing.
This would ensure that the ETH supply remained untouched and intact, which would definitely align with the goals of making ETH deflationary and bolstering investors confidence in the coin.
The next step Sun would take to achieve the $10,000 ETH target would entail heavily taxing all layer-2 solutions to ensure Ethereum generates at least $5 billion per year in taxes. The Ethereum Foundation can use these proceeds to repurchase ETH and burn it in fully decentralized ways.
Justin Suns third action would specifically involve the EF. He advocated for substantial staff reductions at the foundation while increasing salaries for the remaining team members. As such, the Ethereum Foundation would be turned into a purely merit-based system that rewards performance and results.
ETH Would Hit $4,500 Within First Week Of Suns Plan
Reducing node rewards and improving fee-burning mechanisms are also part of the strategy, which Sun believes would maintain deflationary pressure on ETH supply. The move would also boost Ethers standing as a store of value.
The final step focuses on redirecting resources to focus exclusively on Ethereum core layer 1 development, prioritizing scalability, security, and adoption, as per Sun.
The Tron creator speculates that these changes could drive ETH prices past $4,500 within the first week of implementation, and then the second most valuable crypto would eventually smash the long-desired $10,000 milestone.
Recently, ETH changed hands at $3,242, falling 5.6% over the past seven days.
Text source: ZyCrypto
