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Co-founder of Nexo, Antoni Trenchev expects BTC to head towards $100,000 as crypto adoption grows.
Trenchev was speaking to Bloomberg about his opinion on the current market. The Nexo co-founder commented on the current state of affairs. Trenchev admitted that bitcoin had benefited handsomely from the “loose monetary authority” when asked about the effects of the FED on the current price action.
When asked about key drivers for bitcoin, Trenchev reiterated the effects of inflation as a key factor. He also stated that the current price range of bitcoin looks to be steady between $32,000 and $40,000. The lack of leverage traders was attributed as one of the reasons for the market recovering at this point.
$100,000 price target
Trenchev commented on his price target of $100,000, saying “leveraged accounts have blown up, there is basically no leverage in the system, so it could build up again which obviously pumps up the price”, he also mentioned slow adoption with institutions as a driving factor for accelerated price growth for bitcoin.
Countries adopting BTC
Furthermore, Trenchev also commented on the recent news out of El Salvador. The small country has officially confirmed bitcoin as legal tender within the country, with Tenchev saying he was excited about it.
The Nexo co-founder commented on the possible adoption of bitcoin within other countries, saying “not immediately, El Salvador is a small country, 20% of their economy comes through remittances so for them it makes sense, I see some of the latin countries following it up sooner rather than later.”
Finally when asked about other cryptos possibly over-taking bitcoin, Trenchev stated “not at all, bitcoin is the number one currency and is going to maintain that position for a while. I am super excited about ether.”