Mehdi Farooq, senior investment analyst at Token Metrics, says Bitcoin's price target is $70,000 in the next 18 months. But Farooq sees the biggest opportunities in the cryptocurrency world elsewhere.
Mehdi Farooq cites Polkadot as his favorite Ethereum killer.
“I am positive about Bitcoin in both the short-term and medium-term, but in the long-term, I feel there is still a lot of innovation on the altcoin side in terms of potential,”
Farooq cited Cardano (ADA), Solana (SOL), Terra (LUNA), Avalanche (AVAX) and Polkadot (DOT) as Ethereum killers.
Farooq said these tokens have won investors as they promise greater functionality and scalability. However, among them, he determined his favorite as Polkadot.
According to Farooq, Polkadot tackles a unique subject in a unique framework. Instead of a layer 1, it creates a layer 0 that other blockchains can build on. Also, since some of the Blockcains use the same security setup, they can communicate with each other very efficiently. Farooq added that this will create a “Blockchain Internet”, which is currently not possible with Ethereum.
Thanks to what Farooq calls “In-Chain Governance”, Blockchain disputes can be resolved more easily than Polkadot, Ethereum.
“You need protocols, whether it's DeFi, metaverse, gaming or DAO, you need a layer 0 that allows chains to communicate with each other,”
Farooq also talked about the 3 different coins he prefers in his interview. Token Metrics analyst Farooq listed the other 3 altcoins he prefers, which he says are all linked to Polkadot in some way.
“I am very constructive at Moonriver. I feel like Layer 0 and Polkadot could be one of the innovations that could unlock interoperability and cross-chain communication. What Moonriver does is allow Ethereum projects to be built on Polkadot.
So, since I'm very constructive about Ethereum and I think the Ethereum ecosystem will grow, some developers who feel they want to move away from Ethereum can basically build their projects on Moonriver and have access to the entire Polkadot ecosystem."
The analyst cites Polymath (POLY) as his second preferred altcoin. Farooq adds that Polymath is not built on Polkadot, but has very similar technical features, adding that this project can be preferred if a team such as equity, venture capital, real estate, etc. wants to tokenize real assets.
Finally, Farooq, who shared his comments about the Efinity Token (EFI), says that one of the two NFT marketplaces (the other is Unique Network) that he really likes in the long run is Efinity. He says this project could create next-generation NFTs that the market doesn't understand, revolutionizing the utility and the constant communication these marketplaces will have.