According To The CEO Of The Crypto Firm, Bitcoin’s Price Could Reach $100,000 Within A Year

According To The CEO Of The Crypto Firm, Bitcoin's Price Could Reach $100,000 Within A Year
Voiced by Amazon Polly

According to Antoni Trenchev, CEO of crypto financing firm Nexo, Bitcoin may reach $100,000 within a year.

He expressed concern about bitcoin’s short-term prospects, indicating that it may follow traditional financial markets when the Federal Reserve begins to unwind its huge monetary stimulus programme. But, he added, this might “provide more fuel to crypto,” as a “collapse” in equities would almost certainly indicate the Federal Reserve would “return to easing in no time.”

If Trenchev’s prediction comes true, the price of bitcoin will have to more than double this year.

For what it’s worth, Trenchev forecasted in January 2020 that bitcoin would reach $50,000 by the end of the year. “Everyone was laughing at me,” he recalls.

Trenchev’s forecast for 2020 did not come true. That year, Bitcoin only managed to reach a high of slightly over $29,000. However, in February 2021, the cryptocurrency surpassed $50,000.

Crypto enthusiasts believe that the market has evolved and that there is sufficient liquidity now that large Wall Street firms such as Jump Trading and Jane Street are flocking to digital assets.

Also Read: Justin Bieber, Gwyneth Paltrow and Ashton Kutcher Are Among Dozens Of Celebrity Investors Piling Into Crypto Startup MoonPay

Whereas, crypto “whales” like Do Kwon, the co-founder of blockchain firm Terra Labs, are buying bitcoin by the millions in the hopes that it will become a future “reserve” currency. Whales are strong investors that have the ability to influence the market.

However, the market is facing significant headwinds. The crypto market is still volatile, and the worldwide regulatory framework is still fragmented. Bitcoin, in particular, is still highly associated with the stock market, particularly the Nasdaq index. Bitcoin might be just as volatile as stocks.

Bitcoin is currently down more than 40% from its all-time high of $68,990.90.

Other cryptocurrency professionals believe the price will not rise as much this year.

According to Ardoino, bitcoin could fall severely below $40,000, but by the end of the year, the digital currency would be “far above” $50,000. When it comes to bitcoin, I’m a believer… “I’m pretty optimistic because I see so much happening in this market and so many countries interested in bitcoin adoption,” he remarked.

Also Read: Indian Crypto Exchanges Are Blocking Transfer Network, Spooking Investors 

WANT MORE NEWS LIKE THIS?

Sign up to receive our weekly email newsletter and never miss an update!