Bitcoin might see a further upside trend and reach $100,000 in 2022, says the founder of cryptocurrency lender Nexo.
According to Antoni Trenchev, Bitcoin will reach $100,000 by mid-2022.
According to data from Coin Metrics, Bitcoin traded at $46,170.44 as of 8:43 p.m. ET Monday.
Co-founder and managing partner at Nexo, Trenchev, told CNBC that in his opinion, the world’s biggest crypto would reach $100,000 this year. According to its website, the company claims to be the world’s largest lending organization in the digital finance industry. The company issued more than $6.5 billion in credit and managed assets for over 2.6 million users worldwide.
Bitcoin has been a winner in the pandemic era, increasing over 60% last year. In comparison, the S&P 500 grew nearly 28% during the same period, while the Dow and Nasdaq achieved 18.74% and 21.38% for the year.
But not everyone is as optimistic as Antoni Trenchev.
Some experts believe that bitcoin might experience a steep drop in a few months. Professor of finance at Sussex University Carol Alexander said she expects bitcoin to fall to $10,000 in 2022.
Trenchev also mentioned two simple reasons for significant gains for bitcoin in the future. As one of the reasons, he said that institutions are filling their treasuries with cryptocurrency. Square and MicroStrategy are examples of companies that have bought massive portions of bitcoin. Another reason is his opinion: the possibility of cheap money staying here for a while.
Despite expectations that the Fed could raise interest rates this year for the first time during the pandemic, he stated his opinions regarding crypto. The Fed took unprecedented monetary easing steps two years ago to keep financial markets floating at the pandemic’s beginning.
Key Points: AUD/JPY broke below a rising wedge, signalling possible bearish momentum, with immediate resistance at 103.00 and support at…
Key Points EUR/JPY Rises to 168.25: Strengthened by robust Eurozone economy and steady ECB policy. Eurozone GDP Grew by 0.3%…
Key Points: Nio's shares hit 44.20 HKD, up 20%, with electric vehicle deliveries up 134.6% year-on-year to 15,620. BYD leads…
Key Points: Ethereum fell sharply from $3,355 to a low of $2,813, reflecting high volatility and sensitivity to market dynamics.…
Key Points Nikkei 225 slightly fell by 0.1%, while the Hang Seng index surged by 2.4%. USD/JPY increased slightly, highlighting…
Key Points: Gold prices rose on MCX India to ₹71,278/10 gm and COMEX US to $2,328/oz. The US Dollar Index…
This website uses cookies.