Antoni Trenchev, co-founder of the cryptocurrency lending platform Nexo, predicted that bitcoin would reach $100K by mid-2022. According to him, the most important digital asset is an inflation hedge that’s equal to gold.
BTC Trading at $100K within a Few Months
Bitcoin finished 2021 in a downtrend despite a 60% increase in USD value over the past 12 months. Experts expected bitcoin to surpass the $100,000 mark.
CNBC’s Antoni Trenchev, Co-Founder and Managing Partners at Nexo, stated that this price level would be achieved in the next few months.
“I’m quite bullish on bitcoin. It’ll probably reach $100K by the middle this year, I believe.
According to the 35 year-old Bulgarian, many top companies are quietly filling their treasuries up with bitcoin. This will help boost BTC’s USD price.
Trenchev said that macroeconomic realities like the “cheap” money (a loan or credit at a low interest rate) are “here and staying”, which is good news for crypto. This is his second belief that will fuel bitcoin’s growth.
When discussing the current financial landscape, it is worth noting the increasing inflation caused by COVID-19’s health catastrophe and subsequent mass printing fiat currencies. This rate was almost 7% in the United States, which is the highest in 40 years. Countries like Turkey saw a 36% increase.
The top executive stated that bitcoin could also be a reason why its price has more than doubled since it acts as an inflation hedge similar to gold.
Antoni Trenchev, Source: Bloomberg
More countries will adopt BTC as a legal tender
Trenchev also predicted that other countries, particularly those in Latin America, would follow El Salvador’s decision to accept bitcoin as legal money.
Latin America is an example of an economy that has some problems managing its own currency and faces some difficulties at their central banks. All of these countries are likely candidates to adopt cryptocurrencies as legal tender. It’s incredible how far cryptocurrency, especially bitcoin, has come in only 13 years.
The President of El Salvador, Nayib Bukele, shared similar predictions a few days back. He predicts that two other nations will follow the lead of his country and adopt BTC in the next twelve months.
Marla Brooks – Financial Analysis
My name is Marla Brooks, and I am the mainstream behind the”observednews.com” for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.