Founder of Nexo Brands Bitcoin as advanced gold, predicts price will hit $100,000 in Q2
Bitcoin is going to reach $100,000 by the middle of 2022 according to Antoni Trenchev, the founder of crypto lending platform, Nexo. Bitcoin which he dubbed “Gold 2.0”, he said, will exceed expectations as it has often done.
He made the prediction while speaking with CNBC today. The Nexo founder and former member of the National Assembly of the Republic of Bermuda noted Bitcoin has exceeded the expectations of investors and the broader community as it “outperforms significantly” every time it is written off.
The key drivers to a $100,000 price
According to Trenchev, he remains bullish on Bitcoin reaching $100,000 for two key reasons. For one, institutional investment has been ramping up in the Bitcoin market. He noted that institutional investors have been quietly adding Bitcoin to their treasury and are expected to continue doing so.
His second reason for the price projection is the prevailing “macroeconomic realities.” Trenchev does not think that inflation will let economies in its grasp go anytime soon, which is a great thing for Bitcoin that has been proven to be an inflation hedge.
We see institutional adoptions persevere quietly, companies building out their treasuries, filling it with Bitcoin. And also, the broader theme of macroeconomic realities and cheap money, in my opinion, is here to stay, which is great for crypto, which is an inflation hedge and gold 2.0.
Trenchev further explained that contrary to what a lot of analysts thought, he did not think inflation would abate soon because he was anticipating a dip in the stock market once the US Federal Reserve projected interest rate hikes hit the market.
Trenchev also commented on his expectations for Bitcoin and cryptocurrency adoption by countries of the world. He predicts that the next major nation-state adoption of Bitcoin as a parallel currency, after El Salvador in 2021, is likely going to come from Latin American countries, where they have fractured economies.
I think Latin America is a poster child for what you just described. You know, economies with some difficulty in 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.
The price of Bitcoin continues to face an arduous climb
The price of Bitcoin is currently trading at around $47,277, down 0.02% on the day. Within the last 7 days, the price of Bitcoin has reached a high of just under $52,000. That notwithstanding, several analysts are still highly optimistic that Bitcoin will reach a price target of $100,000 within 2022. To do this, Bitcoin will have to surge about 71.5% from its current price.
- Just In: Nasdaq-Listed VivoPower Raises $19M in Equity to Expand XRP Treasury Holdings
- Solana Price Rallies 5% as Nasdaq-listed VisionSys Launches $2B SOL Treasury Strategy
- XRP Ledger Rolls Out MPT Standard for Real-World Asset Tokenization
- SEC Puts Crypto ETF Approvals On Hold Following U.S. Government Shutdown
- Pi Network Adds DEX and AMM Features To Expand Pi Coin’s Utility
- Cardano Price Forecast As Hashdex Listing Fuels Optimism For $1.27 Breakout
- BONK Price Rally Ahead? Open Interest Jumps as TD Buy Signal Flashes
- Shiba Inu Price to Surge as Whales Buy and Team Commits to Shibarium Growth
- XRP Price Prediction After Ripple CTO David Schwartz Resigns
- SUI Price Eyes $4.5 as Coinbase Futures Listing Sparks Market Optimism
- Chainlink Price Holds $20 Support Amid Tokenization With DTA Standard Progress – Is $47 Next?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
