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Bitcoin (BTC) is on track to break its all-time high and hit $50,000 in a matter of months, according to Nexo co-founder and managing partner Antoni Trenchev.
In a new interview during the virtual Block Down conference, Trenchev said his crypto lending platform is witnessing double-digit percentage growth rates month-on-month, with a wide range of both institutional and retail investors jumping in.
He believes a significant increase in institutional participation in the crypto markets will power a new bull run.
“We have clients from every corner of the world, every age group. We have from young adults, all the way to boomers who for some reason have chosen to put assets in digital form and to conduct business with us. So the demographic, it’s really, really diverse and we cover it all.
Right now we’re seeing a great influx in both the retail part and the institutional side of things because for institutions, crypto got a huge endorsement by Paul Tudor Jones. When you have the guy who put the word hedge in hedge funds endorse Bitcoin, and say they have an allocation of a few percent of their total assets on their management in Bitcoin, that gives them the additional boost of traditional institutions to come into the space.
So we have quite heavily been onboarding with institutions that up to very recently would not have to articulate their liking of Bitcoin. And now with this endorsement of Paul Tudor Jones, the timeline has shifted gears and it’s expanding very rapidly.”
Trenchev says Bitcoin’s monetary supply stands in stark contrast to the level of money printing from governments, which he believes will benefit both gold and BTC.
“I think that there’s just no case that this isn’t good for both gold, but more importantly Bitcoin. So yes, I’m sticking to my prediction of 50k until the end of the year. I appreciate that it is a bold statement, but the fundamentals are there and the momentum is shifting there as well.”
In other trending Bitcoin News today:
Will Bitcoin Hit $288,000 by December of 2021? New Poll Reveals Crypto Trader Sentiment on BTC
A new survey launched by PlanB, the crypto analyst known as the first apply the stock-to-flow (S2F) ratio to Bitcoin, reveals where members of the crypto community believe BTC is heading.
The results of the survey suggest crypto traders are a bit skeptical of PlanB’s S2F model, which predicts Bitcoin surging as high as $288,000 in the next bull cycle.
More than 60% of the respondents do not see BTC touching any of the price points predicted by the three S2F models within the next two years. Over 40% say they believe Bitcoin will not hit $55,000 before 2021 expires.
The survey indicates that at the current price of $9,118.92, nearly half of crypto Twitter sees a maximum upside of 450% for BTC in the next bull cycle.
That figure is a far cry from the gains of the 2013 bull market which witnessed BTC surge from $2.22 in 2011 to $1,163 in 2013 – a 52,287% rally, and the bull rally that propelled the king coin from $152.40 in 2015 to an all-time high of $19,666 in December 2017 – a 12,000% surge.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
Do you think #bitcoin will reach $288K (S2FX), $100K (S2Fv2), $55K (S2Fv1) before December 2021, or will BTC stay below $55K?
— PlanB 🔴 (@100trillionUSD) July 3, 2020
https://cointelegraph.com/news/bitcoin-is-the-new-apple-how-btc-price-could-reach-60-000-by-2023