• Disclosure
  • Privacy Policy
  • DMCA Policy
  • CCPA
  • Medical Disclaimer
Tuesday, March 28, 2023
Galveston County News Online
  • Home
  • News
  • Business
  • Technology
    • Crytpocurrency
    • Gaming
    • Gadgets
  • Sports
  • Health
  • General
    • Business Services
  • Travel
  • Press Releases
  • Popular
No Result
View All Result
  • Home
  • News
  • Business
  • Technology
    • Crytpocurrency
    • Gaming
    • Gadgets
  • Sports
  • Health
  • General
    • Business Services
  • Travel
  • Press Releases
  • Popular
No Result
View All Result
No Result
View All Result
Home Technology Crytpocurrency

Bitcoin Could Hit $100,000 Within A Year, Crypto Firm’s CEO Predicts – CNBC

bitcoin-could-hit-$100,000-within-a-year,-crypto-firm’s-ceo-predicts-–-cnbc
Share on FacebookShare on Twitter

Crypto industry players who are bullish on bitcoin point to various reason why they think the digital currency will go up, including rising inflation and increasing institutional investor participation. But an uncertain regulatory environment continues to prove a headwind for bitcoin.

STR | NurPhoto via Getty Images

Bitcoin could hit $100,000 within a year, the CEO of crypto lending firm Nexo has predicted.

Antoni Trenchev told CNBC he thinks the world’s biggest cryptocurrency can surge above $100,000 “within 12 months.”

He said he’s “worried” about bitcoin’s short-term prospects, suggesting it may fall in tandem with traditional financial markets as the Federal Reserve starts unwinding its massive monetary stimulus program.

But that may, in turn, “give further impetus to crypto,” he added, as a “crash” in stocks would likely mean the U.S. central bank eventually goes “back to easing in no time.”

If Trenchev’s forecast is correct, that would mean bitcoin’s price would have to more than double this year.

For what it’s worth, in January 2020 Trenchev predicted bitcoin’s price would top $50,000 by the end of that year. “Everybody was laughing me out,” he says.

Trenchev’s 2020 prediction didn’t come true. Bitcoin only managed to hit a high of just over $29,000 that year. But the cryptocurrency did eventually surpass that $50,000 in February 2021.

Crypto believers say the market has matured, and that there’s ample liquidity now that major Wall Street institutions like Jump Trading and Jane Street are flocking to digital assets.

Meanwhile, crypto “whales” like Do Kwon, the co-founder of blockchain firm Terra Labs, are buying up millions of dollars’ worth of bitcoin in the belief that it could become a future “reserve” currency.

But there are some headwinds for the market. The global regulatory environment remains fragmented and the crypto market still remains volatile. In particular, bitcoin remains heavily correlated to the stock market, in particular the Nasdaq index. While stocks remain volatile, so too could bitcoin.

Bitcoin is still around 40% off its record high of $68,990.90.

Other crypto executives don’t expect as much price appreciation this year.

“In this particular moment in time we are living under, I would say, global uncertainty in the markets, not just the crypto markets, also in the stock markets,” Paolo Ardoino, chief technology officer of Bitfinex, told CNBC in an interview on Wednesday.

“So we are seeing definitely lower volumes on the crypto side … bitcoin volumes have dropped over the last few weeks. So that is quite important as a metric because it tells many whales, many active market participants, participants that were very active before are waiting a little bit on the sidelines.”

Whales are large investors that are able to move the market.

Ardoino said bitcoin could fall sharply below $40,000 but he expects by digital currency will be “well above” $50,000 by the end of the year.

“I’m a bullish person on bitcoin … I see so much happening in this industry and so many countries interested in bitcoin adoption that I’m really positive,” he said.

Galveston County News Online

© 2021 Galveston County News Online

Navigate Site

  • Disclosure
  • Privacy Policy
  • DMCA Policy
  • CCPA
  • Medical Disclaimer

Follow Us

No Result
View All Result
  • Home
  • DMCA Policy
  • Medical Disclaimer
  • Privacy Policy
  • Disclosure
  • CCPA
  • Terms of Use

© 2021 Galveston County News Online

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
Cookie SettingsAccept All
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT