With Bitcoin gaining more than 60% in value last year, many in the cryptocurrency space are hopeful about the future of the flagship digital asset in 2022. Speaking with CNBC, cryptocurrency lender Nexo founder, Antoni Trenchev, revealed that there are “two simple reasons” why he believes Bitcoin’s value will have more than doubled from its present levels by the middle of the year.
“Bitcoin will hit $100,000 in the middle of 2022.”
“Every time investors in the broader community write off Bitcoin, it outperforms significantly. This has been the case in 2020 when it rallied close to a 1000%, and on top of that, it rallied another 63% [in 2021]. I’m quite bullish on Bitcoin. I think it’s going to reach 100k this year, probably by the middle of it,” Antoni Trenchev said.
There are two reasons, according to Trenchev, for his bullish forecast that Bitcoin will hit $100,000 in the middle of 2022, the founder noted: “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.”
“Bitcoin is both a store of value and a means of a medium of exchange.”
The Nexo founder further remarked that it is incredible how far crypto, and Bitcoin, in particular, has come in just 13 short years and that this is both a store of value and a means of a medium of exchange, providing the best of both worlds, and that it is “definitely something that can boost a lot of the economies in the region that are facing some problems.”