According to Antoni Trenchev, the Co-Founder of cryptocurrency lending platform Nexo, bitcoin will reach $100K by mid-2022. According to him, Bitcoin (BTC) is an inflation hedge equal to gold.
Crypto Bear Market In 2022? Bitcoin (BTC) Price Prediction
Although bitcoin’s USD value soared by more than 60% in the last 12 months, it ended 2021 on a downtrend as many experts expected it to cross the $100,000 milestone.
Nexo Co-Founder and Managing Partner Antoni Trenchev, in an interview with CNBC, opined that this price level will be reached within several months:
I’m quite bullish on bitcoin. I think it’s going to reach $100K this year, probably by the middle of it.
Antoni Trenchev, Co-Founder Nexo
According to the 35-year-old Bulgarian, many leading companies are “quietly filling up their treasuries with bitcoin,” which will be the main factor to boost BTC’s USD value.
The macroeconomic realities such as the “cheap money” (a loan or credit borrowed at a low-interest rate) are “here to stay,” and that is great news for crypto, Trenchev added. He believes this is the second component that would fuel bitcoin’s price.
In regard to the current financial processes, the rising inflation stemming from the COVID-19 health disaster and the subsequent mass printing of fiat currencies are worth mentioning. In the United States, the inflation rate reached nearly 7% – a record high in the last 40 years – while other countries like Turkey showed an increase of 36%.
The top executive believes that bitcoin’s price is expected to more than double as it serves as an inflation hedge similar to gold.
More Countries to Adopt BTC as Legal Tender
Trenchev also predicted that a number of nations, especially those in Latin America with monetary issues, would likely follow El Salvador’s lead in accepting bitcoin as legal tender.
I think Latin America is a poster child for economies with some difficulties, managing their own currencies, and their respective central banks facing some challenges. So definitely all of them are potential candidates for adopting cryptocurrencies as legal tender, and it’s amazing how far crypto, and particular bitcoin, has come in just 13 short years.
Antoni Trenchev, Co-Founder Nexo
Nayib Bukele, the President of El Salvador, made a similar prediction a few days ago. He believes that two more nations will adopt BTC as legal tender within the next year.
Originally published here
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Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.
