Antoni Trenchev, the CEO of crypto lending firm Nexo, went public with his prediction about Bitcoin’s price.
Trenchev told CNBC he thinks the cryptocurrency can reach heights above $100,000 “within 12 months.”
Although he said short-term, Bitcoin has the potential to fall alongside traditional markets, which may also “give further impetus to crypto.”
In January 2020, Trenchev predicted Bitcoin’s price would hit $50,000 by the end of that year. “Everybody was laughing me out,” he said. Trenchev’s was only slightly off. Two months into 2021, Bitcoin surpassed $50,000. If his current prediction is correct, Bitcoin could double in price this year.
Many people believe that the crypto market has matured, and major Wall Street institutions are now getting in on their own piece of the digital assets cake.
Crypto whales like Do Kwon, the co-founder of Terra Labs, are investing millions into Bitcoin, believing it can become a future “reserve” currency.
Bitcoin is still about 40% below its record high of $68,990.90.
Like Paolo Ardoino, chief technology officer of Bitfinex, some crypto experts don’t expect the price to hit $100,000 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,” he told CNBC.
Ardoino believes Bitcoin could fall far below $40,000, but he expects it to rise again “well above” $50,000 by 2022.
“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.