Crypto

Bitcoin Will Reach $100,000 by the Middle of 2022: Nexo Co-Founder

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According to Trenchev, increased institutional usage might push Bitcoin’s price to almost $100,000 by the middle of the year.

By mid-2022, according to Antoni Trenchev, Co-Founder of the crypto loan company Nexo, Bitcoin will reach a price of $100,000. The dominant digital asset, in his opinion, is a gold-like inflation hedge.

In a few months, BTC will be worth $100,000.

Despite growing its USD value by more than 60% in the previous year, Bitcoin ended 2021 on a downward trend, even though many analysts expected the commodity to surpass the $100,000 mark.

In a recent interview with CNBC, Antoni Trenchev, Nexo’s Co-Founder and Managing Partner, predicted that the price level will be reached in the next months:

“I’m a big believer in bitcoin. I believe it will likely exceed $100,000 this year by the middle of the year.”

Many big corporations are “quietly filling up their treasuries with Bitcoin,” according to the 35-year-old Bulgarian, which will be the main element in boosting BTC USD worth.

The macroeconomic realities, such as “cheap money” (a low-interest loan or credit), are “here to stay,” according to Trenchev, which is great news for cryptocurrency. He believes this is the second component that would fuel bitcoin’s price.

Regarding contemporary financial processes, the rising inflation produced by the COVID-19 health calamity and the consequent mass printing of fiat currency should be mentioned. In the United States, the rate has risen to about 7%, the highest in the last 40 years, while countries like Turkey have seen a 36 percent spike.

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This could be another reason for bitcoin’s price to double shortly since it is an inflation hedge comparable to gold, according to the top executive.

BTC to be Accepted as Legal Tender in More Countries

In addition to his price prediction, Trenchev stated that numerous countries, particularly those in the Latin American region grappling with monetary challenges, will follow El Salvador’s lead in accepting bitcoin as a legal tender.

“I believe Latin America is a poster child for economies in transition, administering their currencies, and facing challenges from their central banks. So they’re likely candidates for adopting cryptocurrencies as legal cash, and it’s incredible how far crypto, particularly bitcoin, has come in just 13 years.”

“I believe Latin America is a poster child for economies in transition, administering their currencies, and facing challenges from their central banks. So they’re likely candidates for adopting cryptocurrencies as legal cash, and it’s incredible how far crypto, particularly bitcoin, has come in just 13 years.”

El Salvador’s President, Nayib Bukele, made a similar prediction just a few days earlier. In the next 12 months, he predicts two more countries will follow his country’s lead and embrace BTC as legal tender.

The Author

Samuel Adeshina

Samuel is a financial reporter whose interests include blockchain, market, business, insurance, and Crypto to provide relevant information to all interested.