Can Ethereum Reach $10,000 by 2029?

The Ethereum Foundation (EF) has shared a long-term plan, dubbed the "Strawmap," that outlines how Ethereum could evolve over the rest of the decade. The plan, which was described by Ethereum co-founder Vitalik Buterin as a "very important document," lays out several possible changes across Ethereum's core layers. If completed, it would mark the biggest evolution of the network since The Merge in 2022, which moved Ethereum from proof-of-work to proof-of-stake.

The Strawmap, introduced by Ethereum Foundation researcher Justin Drake, reads less like a conventional roadmap than a preemptive response plan. It sketches a path for Ethereum base-layer upgrades through the end of the decade, with seven forks by 2029 and five broad targets, including a faster Layer 1, much higher throughput, post-quantum security, privacy at the base layer, and a scaling architecture that keeps Layer 1 and Layer 2 moving together.

According to the plan, Ethereum is trying to reduce long-term failure risk while improving the chain's economic usefulness. However, the success of the plan depends on a fragile ecosystem vote, which could potentially threaten the entire project. Ethereum co-founder Vitalik Buterin has abandoned his old Ethereum vision as hidden censorship risks threaten to trap everyday user funds.

The Strawmap has given investors a new way to assess whether the digital asset can eventually reach $10,000 by the end of this decade. For this to happen, Ethereum's price would need to surge significantly, and some analysts believe that a daily close above $2.1K would be a crucial step in this direction. ETH bulls briefly pressed the price above the $2,000 support, but a positive funding rate and increase in holder profitability would be needed to generate sufficient momentum to hold the level.

Meanwhile, US lawmakers are moving to protect blockchain developers from prosecution with the Promoting Innovation in Blockchain Development Act. The industry-supported bill could be a solution by Congress to push back against criminalizing writing code. However, not everyone in the crypto space is receiving a warm welcome from lawmakers. Republican and Democrat senators alike pushed back on imprisoned FTX founder Sam Bankman-Fried's support of the Clarity Act crypto bill, with some suggesting that he was looking for a pardon.

The development of the Strawmap and the potential for Ethereum to reach $10,000 by 2029 is a significant story in the crypto space. As the largest smart contract blockchain, with more than $56 billion in total value locked (TVL) across decentralized finance, Ethereum's success or failure will have far-reaching implications for the entire industry. Whether or not the Strawmap will be successful remains to be seen, but one thing is certain - the next few years will be crucial for Ethereum and the entire crypto ecosystem.

In conclusion, the Strawmap is a significant development in the Ethereum ecosystem, and its success or failure will have far-reaching implications for the entire crypto industry. With seven upgrades and a fragile ecosystem vote on the horizon, the next few years will be crucial for Ethereum and its potential to reach $10,000 by 2029.