Antoni Trenchev– Co-Founder of the cryptocurrency financing platform Nexo– anticipated that bitcoin will strike a cost of $100K by mid-2022. In his view, the leading digital possession is an inflation hedge equivalent to gold.
BTC Trading at $100K in a Few Months
Despite increasing its USD worth by over 60% in the last 12 months, bitcoin completed 2021 on a sag as lots of professionals anticipated the possession to top the $100,000 turning point.
In a current interview for CNBC, Antoni Trenchev– Co-Founder and Managing Partner at Nexo– believed that attaining this rate level will occur in the next numerous months:
“I’m quite bullish on bitcoin. I think it’s going to reach $100K this year, probably by the middle of it.”
According to the 35-year-old Bulgarian, lots of leading business are “quietly filling up their treasuries with bitcoin,” which will be the primary aspect to increase BTC’s USD worth.
The macroeconomic truths such as the “cheap money” (a loan or credit obtained at a low-interest rate) are “here to stay,” which is fantastic news for crypto, Trenchev included. He thinks this is the 2nd element that would sustain bitcoin’s rate.
Speaking of the existing monetary procedures, it deserves discussing the increasing inflation triggered by the COVID-19 health catastrophe and the subsequent mass printing of fiat currencies. That rate reached almost 7% in the United States– the greatest level in the last 40 years, while nations like Turkey tape-recorded a boost of 36%.
This might be another possible factor bitcoin’s rate to more than double from now as it is an inflation hedge comparable to gold, the magnate concluded.
Antoni Trenchev, Source: Bloomberg
More Countries to Adopt BTC as Legal Tender
In addition to his rate projection, Trenchev anticipated that lots of countries, particularly those in the Latin American area that battle with numerous financial problems, might follow El Salvador’s transfer to accept bitcoin as a legal type of cash.
“I think Latin America is a poster child for economies with some difficulties, managing their own currencies, and their respective central banks facing some challenges. So definitely all of them are potential candidates for adopting cryptocurrencies as legal tender, and it’s amazing how far crypto, and particular bitcoin, has come in just 13 short years.”
A couple of days back, the President of El Salvador– Nayib Bukele– shared a comparable forecast. He thinks 2 more countries will follow his county’s course and embrace BTC as a legal tender in the next 12 months.
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