- Bitcoin has gained nearly 70% so far this year. An industry insider who spoke to CNBC said he remained bullish and said the world’s largest cryptocurrency could reach new heights.
- Marshall Beard, chief strategy officer at U.S.-based crypto exchange Gemini, said $100,000 is the potential for Bitcoin.
- Currently, part of the industry’s positive view of Bitcoin actually stems from how well the asset has performed during the banking turmoil caused by the collapse of the Silicon Valley Bank.
Cryptocurrency industry insiders predict that Bitcoin could hit a new all-time high in 2023, reaching $100,000. This follows a prominent investor’s bet that the digital currency could reach his $1 million mark in 90 days.
Chris Ratcliffe | Bloomberg | Bloomberg | Getty Images
Bitcoin has gained nearly 70% so far this year. An industry insider who spoke to CNBC said he remained bullish and said the world’s largest cryptocurrency could reach new heights.
Bitcoin hits all-time high of $68,990.90 in November 2021. Since then, it has fallen about 60%.
Marshall Beard, chief strategy officer at U.S.-based crypto exchange Gemini, said $100,000 is the potential for Bitcoin.
“I think bitcoin will probably hit new all-time highs this year,” said Beard, adding that the $100,000 price is an “interesting number.”
Beard said that if bitcoin reaches a record high near $69,000, “it won’t take long for it to rise to $100,000.”
Bitcoin needs to rise about 270% to reach $100,000.
Paolo Ardoino, chief technology officer of stablecoin issuer Tether, said Bitcoin could “retest” near $69,000 all-time high.
The record-high forecast gives CNBC a more optimistic outlook than January, when industry executives predicted 2023 would be a year of caution.
Now, some of the industry’s positive outlook on Bitcoin is actually part of the bank turmoil caused by the failure of Silicon Valley Bank and the failures of two crypto-friendly lenders, Silvergate Capital and Signature Bank. In part, it stems from how Bitcoin worked.
Instead of crashing, Bitcoin rose.
Bitcoin proponents say this is proof that Bitcoin offers an alternative to traditional banking systems as a place for people to keep their money safe.
In an interview at Paris Blockchain Week on Thursday, Oliver Lynch, CEO of Bittrex Global, said in an interview with CNBC, “This uptick means people are terrified by the collapse of the banking system. I think it can be explained by saying that
For years, bitcoin proponents have argued that bitcoin is a kind of “digital gold,” a safe haven asset that can provide investors with a hedge against inflation and an investment in times of turmoil. But over the past few years, Bitcoin has traded in tandem with stocks, especially the tech-heavy Nasdaq.
There are signs of decoupling, with Bitcoin significantly outperforming the Nasdaq and many other risk assets, as well as gold, this year.
But bitcoin was also boosted by expectations that the banking crisis could undermine the US Federal Reserve’s aggressive ability to raise interest rates and support risky assets like cryptocurrencies.
Former Coinbase head of technology and investor Balaji Srinivasan has led to widespread debate about where digital coin prices will go this year. bet On March 17th, Bitcoin announced that it would be worth over $1 million in 90 days. He bet $2 million.
The bet was in response to a Twitter user who said he would bet $1 million to keep the US from hyperinflation.
Srinivasan argued that “the world is recognizing Bitcoin as digital gold” as hyperinflation sets in, the US dollar depreciates, and nations, individuals and businesses start buying large amounts of bitcoin. Hyperinflation is a large increase in prices in an economy.
For Bitcoin to hit $1 million in 90 days, I think there are crazy things going on in the world that we don’t want.
Chief Strategy Officer, Gemini
Bitcoin’s $1 million price represents an increase of about 3,600% from the current price of the digital currency.
Most people gave cold water to this prediction.
Gemini’s Bear said, “There will probably be a world where Bitcoin hits $1 million,” but not in 90 days, as Srinivasan bet.
“I think there are crazy things going on in the world that we don’t want for Bitcoin to hit $1 million in 90 days,” Baird said, adding that it could take 10 years to get close to that number. I added that there is.
Tether’s Ardoino agreed that if Bitcoin hits $1 million in 90 days, it likely marks an unusual economic event.
“I’m skeptical about it.
“Because if Bitcoin reaches such a high price level, [it] It means that the whole economy will collapse.don’t know [that] It’s the world we want to live in. ”