Nexo’s Co-Founder Says BTC Can Reach $100,000 By End Of 2022

Nexo’s co-founder says that Bitcoin could reach $100,000 by the end of 2022 or even by the middle of it due to the rising institutional adoption that will increase Bitcoin’s price so let’s read more in today’s latest bitcoin news.

Antoni Trenchev as NExo’s co-founder predicted that Bitcoin will hit a price of $100,000 by the end of 2022 and the leading digital asset is an inflation hedge that is equal to gold. Despite increasing its USD Value by more than 60% in the past year, Bitcoin ended 2021 on a downtrend as most experts expected the coin to hit the $100,000 milestone. In an interview with CNBC, Antoni Trenchev said that achieving this price level will happen in the next few months:

“I’m quite bullish on bitcoin. I think it’s going to reach $100K this year, probably by the middle of it.”

According to the founder, most leading companies are flipping up their treasuries with BTC which will be the main factor to boost the Bitcoin-USD value. The macroeconomic realities like the cheap money are here to stay and that it Is great news for crypto but Trenchev also added that this is the second component that will fuel bitcoin’s price. Speaking of the currency’s financial processes, it is worth mentioning that the rising inflation caused by the COVID-19 virus and the mass printing of fiat currencies. The rate reached about 7% in the United States which is the highest level in the past 40 years.

This could be another reason why Bitcoin’s price will double and that is because it is an equivalent hedge to gold. In addition to the price prediction, Trenchev predicted that most nations but especially those in the Latin American region that struggle with monetary issues, could follow El Salvador’s move to accept BTC as a legal form of money:

“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.”

A few days ago, the President of El Salvador shared a similar prediction as he think that two more nations will follow his path to adopt BTC as a legal tender in 2022.