Bitcoin Will Reportedly Hit $50k In Seven Months Or Less For This Reason
Bitcoin continues to struggle below $5,000, and at the moment of writing this article, the king coin is priced at $$9,475.29. BTC is trading in the red.
BTC is on its way to hit $50k
Co-founder of crypto lender Nexo, Antoni Trenchev believes that BTC is on its way to hit $50k by the end of this year.
During a recent interview with Bloomberg Markets, he said that the massive volatility of BTC is expected to rise given the global economic status and the recent halving. Long-term thinking is necessary, he says.
“I stand by my prediction that I made with you guys earlier in January that Bitcoin is bound to reach $50,000 by the end of the year…” Trenchev said.
He continued and explained that “The truth is that Bitcoin is the only free market we have right now. It’s showing amazing resilience through this pandemic and the sell-off of risky assets, and this has happened without any external support. I would argue that Bitcoin right now is your bail-out-of-recession free card.”
He also made sure to point out the BTC status as the best performing asset of the last decade, despite the fact that it has to reclaim its all-time high of $20k.
Two reasons for an optimistic forecast
He highlighted Bitcoin’s limited supply and he also brought up the fact that the hedge fund lending Paul Tudor Jones decided to invest in Bitcoin – he recently said that 2% of his investments is in BTC. These two reasons are making him bullish about the price of BTC.
“We are positive, and we see the influx of new clients at Nexo coming to the realization that Bitcoin is here to stay, and it’s one of the best protection mechanisms against inflation…” he said as cited by the online publication the Daily Hodl.
He concluded by saying that Bitcoin is in its full glory these days.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.