According to Antoni Trenchev, Co-Founder and Managing Partner of Nexo, “the world’s largest and most trusted lending institution in the digital finance business,” the Bitcoin price will reach $100,000 in a year.
According to a report published by CNBC earlier today (April 14), the Nexo managing partner told CNBC that, while he is concerned about Bitcoin in the short term — because its price may fall along with other risky assets like U.S. tech stocks as the Federal Reserve continues to tighten monetary policy by raising interest rates — he still believes that “within 12 months” the Bitcoin price will reach $100,000.
A “crash” in the stock market, on the other hand, would most likely result in the Federal Reserve “returning to easing in no time,” he warned. As a result, cryptocurrencies would gain more traction.
Bitcoin’s price would have to more than double this year, according to Trenchev’s forecast. According to CoinMarketCap data, Bitcoin is currently trading at $39,730, down 3.07 percent in the past 24 hours and down 6.06 percent in the last week.
As of the time of publication, BTC has a total market capitalization of $780 billion and a 41 percent market dominance. Trenchev predicted that bitcoin’s price would hit $50,000 before the end of the year in January 2020. He recalls, “Everyone was laughing at me.”
The projection for 2020 made by Nexo’s founder did not come true. During that year, Bitcoin only managed to hit a high of a little more than $29,000. Despite this, the cryptocurrency finally broke beyond the $50,000 barrier in February 2021.
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