Bitcoin could see further upside and a surge as high as $100,000 by the middle of 2022, according to Antoni Trenchey of the cryptocurrency lender Nexo also according to analysts at Goldman Sachs.
The world’s largest cryptocurrency by market cap was trading at $46,170.43 as of 8:42 p.m. ET Monday, according to data from Coin Metrics.
“I think [bitcoin’s] going to reach $100,000 this year, probably by … the middle of it,” Trenchev, co-founder and managing partner at Nexo, told CNBC’s “Street Signs Asia” on Monday. The firm claims to be the world’s largest lending institution in the digital finance industry, according to its website. The company has issued more than $6 billion in credit and manages assets for more than 2.5 million users globally, it said.
However, Goldman Sachs in a note to clients, they say that such a development is dependent on it taking market share from gold in the universe of safe haven assets.
Bitcoin and other cryptocurrencies have traditionally been seen by their supporters as a hedge against the devaluation – sometimes steady, sometimes abrupt – of fiat currencies such as the dollar. But for most of the last couple of years they have traded as momentum assets, increasingly correlated with other risk assets.
Some experts have warned that bitcoin may be poised for a steep drop in the coming months. Carol Alexander, professor of finance at Sussex University, said she sees bitcoin tanking as low as $10,000 in 2022, virtually wiping out all of its gains in the past year and a half.
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