On Friday (January 3), Antoni Trenchev, a Co-Founder of crypto startup Nexo, said during an interview on Bloomberg TV’s “Bloomberg Markets: European Open” show that the price of Bitcoin could “very easily” reach $50K by the end of this year.
The interview started by Trenchev being asked about the future of Bitcoin after becoming the top performing asset of the past decade (with a price rise of nine million percent since July 2010).
Trenchev replied:
“I think that very easily we could see Bitcoin going up to $50,000 by the end of this year. We have our analysts at Nexo crunching the numbers, doing very substantial research… it’s the halving coming up because, you know, the rewards for miners are dropping… Last time this happened, Bitcoin rallied 4000%. And it’s been an incredible asset — uncorrelated to the overall market, it delivers systematic asymmetric returns…”
Next, he was asked why Bitcoin had not become established as a method of payment.
Trenchev answered:
“Well, that’s a very good question. I mean, the initial idea was we’re gonna pay for coffee with Bitcoin, but obviously that has failed to materialize… The narrative now that is much more persuasive is that Bitcoin is the new gold, and we see confirmation like with the turmoil that we have this morning. Bitcoin is rallying on par with gold… If Bitcoin is the new gold and it just captures just like 10% of the total market cap of gold.. that’ll be Bitcoin at $50,000. So you gotta stop thinking in terms of whole bitcoins and start thinking of satoshis because that will be what most people will be able to afford…”
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