One other promising value prediction has appeared for Bitcoin bulls in 2022. Antoni Trenchev, co-founder and managing accomplice of Nexo, mentioned that Bitcoin (BTC) might hit the $100,000 milestone as quickly because the summer time in an interview with CNBC.
Regardless of BTC opening the yr with bearish value motion, whereas the Worry & Greed Index exhibits “extreme fear,” the Bulgarian enterprise mogul set the report straight:
“Every time that investors and the broader community write off Bitcoin, it outperforms significantly. This has been the case in 2020 when it rallied close to 1,000% and in 2021 where it rallied 63%. I’m quite bullish on Bitcoin.”
As one of many world’s largest lending establishments within the digital finance trade, Nexo is aware of insights from serving 2.5 million customers throughout 200 jurisdictions. As a competitor to platforms resembling BlockFi and Celsius, it has lately grow to be one of many first crypto lenders to permit prospects to borrow stablecoins, Ether (ETH) and different cryptocurrencies utilizing nonfungible tokens as collateral.
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Whereas Nexo was solid within the bear market of 2018, Trenchev mentioned that entry to “cheap money” and establishments filling their baggage with cryptocurrencies will propel Bitcoin over the $100,000 wall.
There’s loads of proof that institutional adoption is brewing. Final month, Constancy Investments partnered with Nexo to supply crypto custodial providers, merchandise and lending providers for institutional traders. On Monday, Sam Bankman-Fried, founding father of FTX — which simply listed the NEXO token — mentioned that regulatory readability would “help a ton on institutional adoption.”
In a nod to additional Bitcoin adoption in growing international locations, Trenchev concluded by saying “Latin America is the poster child” for cryptocurrency use circumstances. He joked that “all of them (countries) could be potential candidates for adopting cryptocurrencies as legal tender.”