Ether cracks R50,000 after starting the year on R12,000

Crypto currency Ether has cracked R50,000 after starting the year on R12,000 and not only made one of its founders, Vitalik Buterin, a billionaire this week, but also created a once in a lifetime opportunity to build generational wealth.

Richard de Sousa, CEO of AltcoinTrader, told Moneyweb that history was made this week as Ether first cracked R40,000 and then R50,000 in the same week. “It is extraordinary to think that it has risen by 300%.”

ALSO READ: Ethereum cracks R40k, hits another all-time high

According to De Sousa, what we are seeing is a major adoption of the Ethereum system. He points out that if we are to advance this alternative financial system, this is only the beginning of what we can expect to see.

He originally made the prediction of R50,000, but believes he will have to revise that as he says he can see that Ether still has a long way to go upwards. De Sousa says he can see Ether reaching R123,000 this year based on his realistic and not conservative calculations.

ALSO READ: Ethereum run far from over

“It is not a surprise, but it is happening a lot faster than I thought. This morning we saw Ethereum’s market cap even exceeding the market cap of the Bank of America, which is a sign for me that the alternative financial system is starting to overtake the traditional financial system,” he says.

If you want to play in this space, you must have Ether, De Sousa advises.

“The adoption of Ether is like nothing I have ever seen. It will move from individuals to countries, as is starting to happen in Ethiopia.”