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Antoni Trenchev is bullish Bitcoin volition commercialized higher this year, perchance hitting $100k successful the summer.
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He believes organization adoption and “cheap money” are cardinal to pushing BTC prices higher.
Antoni Trenchev, the co-founder of the crypto lending level Nexo, argues that the adjacent six months could spot Bitcoin terms surge to the intelligence people of $100,000.
Bitcoin failed to scope the $100k people successful 2021, fading its bull tally successful November erstwhile it deed the all-time precocious of $69,000. The miss saw bold predictions for the flagship cryptocurrency to scope the milestone earlier the extremity of the twelvemonth rehashed for a caller bid successful 2022.
Trenchev isn’t unsocial successful calling for a BTC terms successful the six-figure zone. Last week, El Salvador president Nayib Bukele besides made this call, noting successful via Twitter that the twelvemonth volition besides spot 2 different countries follow the benchmark cryptocurrency arsenic ineligible tender.
2022 predictions connected #Bitcoin:
•Will scope $100k
•2 much countries volition follow it arsenic ineligible tender
•Will go a large electoral contented successful US elections this year
•Bitcoin City volition commence construction
•Volcano bonds volition beryllium oversubscribed
•Huge astonishment astatine @TheBitcoinConf
— Nayib Bukele 🇸🇻 (@nayibbukele) January 2, 2022
But portion his prediction has Bitcoin astatine the landmark people by extremity of the year, Nexo’s Trenchev says it’s imaginable the threshold could beryllium breached adjacent earlier. He told CNBC’s “Street Signs Asia” that pioneer cryptocurrency could beryllium trending astatine $100,000 by mid-year.
Inflation hedge and “cheap money”
Trenchev is looking astatine 2 scenarios that could assistance Bitcoin’s upward terms trajectory. He sees a spike successful organization concern arsenic a boon for the industry, with inflows into Bitcoin aiding the bullish case. On this, helium suggests ostentation volition spot a increasing fig of investors seeking a hedge plus similar Bitcoin.
He besides believes there’s a batch of “cheap money” acceptable to travel into crypto, contempt this apt to beryllium upended by Fed involvement complaint hikes.
Noting that helium holds a “contrarian” view, the Nexo brag believes the wealth volition travel into Bitcoin arsenic an ostentation hedge. He looks astatine the script wherever equities and enslaved markets instrumentality a deed arsenic soon arsenic the cardinal slope hikes the involvement rates.
Yet, according to him, determination hasn’t been “much governmental will” for an extended correction successful the bequest markets, which could play retired successful enactment for “cheap money” flowing into Bitcoin.
Nexo launched its crypto lending work successful 2018 and says connected its website that its disposable successful much than 200 jurisdictions, with implicit 2.5 cardinal customers.
In the market, Bitcoin presently trades astir $46,260 aft breaking beneath $50,000 erstwhile again.
English (US) ·