The cryptocurrency sector has seen incredible growth over the last decade. Many cryptocurrencies have delivered better returns than commodities and stocks. The crypto industry is expected to boom even further over the coming years. With the approval of crypto-based ETFs in the US, the inflow of institutional money into crypto assets is only anticipated to increase over this decade. We asked Elon Musk’s Grok AI to pick three crypto assets for long-term growth. Let’s look at what the AI chatbot had to say.
Elon Musk’s Grok AI Picks 3 Cryptocurrencies For Long-Term Growth
1. Bitcoin (BTC):
No surprise here. Bitcoin (BTC) has been one of the best-performing assets of the last decade and a half. The original cryptocurrency has seen incredible adoption after the SEC approved 11 spot ETFs last year. The asset’s price is expected to grow significantly over the next few years.
Many industry experts anticipate BTC to breach the $1 million mark by the end of this decade. Binance founder Changpeng Zhao (CZ) believes BTC could hit somewhere between $500,000 to $1 million this cycle. Ark Invest CEO Cathy Wood also believes the cryptocurrency will hit $1 million soon. BTC hitting $1 million will likely lead to a massive market-wide rally.
BTC’s scarcity makes it a solid investment for long-term growth. The cryptocurrency has found takers among not just financial institutions, but also retirement funds, government reserves, etc.
BTC’s adoption is projected to grow over the coming years. Its limited supply and growing demand are the perfect combination for steady growth.
2. Ethereum (ETH):
Elon Musk’s Grok AI calls ETH the backbone of decentralized applications (dApps), NFTs, and DeFi. ETH’s utility makes it a good choice for future growth. The cryptocurrency’s move to a proof-of-stake method of consensus has also reduced its energy consumption requirements.
The SEC has also approved spot ETH ETFs last year. The move allowed several financial institutions to open their doors to the popular cryptocurrency.
ETH is the second-largest cryptocurrency by market cap. This feat will likely not be broken any time soon. ETH is home to a majority of web3 projects. The recent Pectra upgrade led to a substantial price rally for ETH.
Grok highlights the project’s strong developer activity and institutional backing. Both aspects make ETH a solid choice for good future returns.
One risk Ethereum (ETH) faces is high gas fees and low transaction speeds. Competitors like Solana (SOL) could become a viable alternative in the future.
3. Solana (SOL):
Solana (SOL) has seen incredible growth over the last two years. The asset’s price crashed to below $9 after the collapse of FTX in 2022. SOL has hit multiple all-time highs since its 2022 lows. SOL’s incredible rebound has solidified the cryptocurrency’s reputation as one of the most resilient assets.
SOL could become an alternative to the Ethereum network over the next few years. The project’s Firedancer upgrade will significantly help with scaling. According to reports, the update could push the number of transactions per second on the SOL network to more than 1 million. ETH, on the other hand, can handle only 15 transactions per second.
There are also several spot SOL ETF applications with the SEC. There is a high chance that the financial watchdog will approve a SOL ETF sometime this year. The SEC has a pro-cryptocurrency candidate at its head. We may see a more lenient crypto regulatory environment over the next few years.
Also Read: Top 3 Cryptocurrencies That May Turn $1k Into $1 Million By 2035
SOL may also greatly benefit from BTC hitting the $1 million mark. SOL could eventually breach the $5000 mark over the coming years.
