Spencer Noon, the head of crypto-native investment fund DTC Capital, says that the total amount of Bitcoin (BTC) held on Ethereum’s blockchain will increase 20x by the close of 2021.
Noon revealed his forecast on Twitter, telling his followers to expect the total value of BTC locked in decentralized finance (DeFi) protocols to keep climbing.
“There are now 131,075 BTC (~$1.5 billion) on Ethereum. That is 0.624% of all bitcoins in existence. I predict we’ll 20x this by the end of 2021.”
Noon’s bold prediction comes in the wake of DeFi Pulse’s report that investors have now converted a record 141,683 BTC worth approximately $1.5 billion into ERC20 tokens.
Crypto traders are converting BTC into Ethereum-based tokens that represent BTC – a move that allows them to essentially use their Bitcoin to participate in DeFi and take advantage of decentralized lending protocols, synthetic derivatives and exchanges.
Although Noon anticipates that more BTC will