Back to the list

Bitcoin’s Price Will Hit $100K by Mid-Year, Nexo Founder Predicts

cryptoknowmics.com 05 January 2022 03:30, UTC

In an interview with CNBC on Monday, Antoni Trenchev, the co-founder and managing partner of Nexo, a prominent cryptocurrency lender, offered his bitcoin price prediction. He said:

“I think [bitcoin’s] going to reach $100,000 this year, probably by … the middle of it.”

Nexo has issued over $6 billion in credit and administers the assets of over 2.5 million members around the world.

The executive added that there are "two simple reasons" why he believes bitcoin's price will rise dramatically.

To begin with, he noted that businesses are increasingly storing bitcoin in their corporate coffers. Microstrategy, a Nasdaq-listed business, has purchased 124,391 BTC for its treasury.

Another reason is that Trenchev believes "cheap money" will persist, causing cryptocurrency values to rise. This year, the Federal Reserve is projected to boost interest rates multiple times. "The Fed is going to have to increase many more times than the market expects," Wharton finance professor Jeremy Siegel recently warned.

The Nexo executive added:

“I quite frankly think that as soon as we see a rate hike, it’s going to be a dip into equities and the bond market — and quite frankly, the last few years, we haven’t seen much political will to … power through any sort of correction in the traditional financial markets.”

El Salvador's president, Nayib Bukele, recently projected that the price of bitcoin will reach $100,000 this year.

Meanwhile, Michael Saylor, the CEO of Microstrategy, predicts that bitcoin will hit $6 million in value. Some people, notably Bridgewater Associates founder Ray Dalio, are more cautious about the cryptocurrency's price.

cryptoknowmics.com