Bitcoin Could Hit $100,000 by 2023

If you know how to buy Polkadot, then you might be looking at doing so. However, one crypto industry leader thinks that you should take another look at Bitcoin.

Antoni Trenchev is the CEO of Nexo, a crypto lending firm. He thinks that Bitcoin might top $100,000 in the next year. The Federal Reserve is likely to unwind the tremendous stimulus policy used to prop up the economy during the early years of the pandemic. This should lead to traditional financial markets falling, and Bitcoin is likely to go with them. On the other hand, a market crash in stocks might prompt the Fed to go back to easing. 

The crypto market still has significant headwinds while digital currencies are highly volatile and there is serious fragmentation in the environment of global regulations. Having said that, industry professionals and experts are still often bullish on Bitcoin. For starters, they think this particular digital currency will continue to rise because inflation also rising. On top of that, institutional investor participation is continuing to go up.

Trenchev is concerned about the short-term possibilities for Bitcoin. He thinks it might fall with broader markets in response to Federal Reserve actions. However, he also thinks this could lead to a rebound that has Bitcoin top $100,000 less than 12 months from now.

If that were to happen, it would wind up doubling Bitcoin’s price in the next year. It should be noted that this isn’t the first time Trenchev has made Bitcoin price predictions. In January of 2020, he made a prediction that Bitcoin would hit $50,000 before that year was over. Many scoffed at that prediction at the time.

That specific prediction didn’t actually happen. In fact, Bitcoin only hit $29,000 by the time that year was over. However, it only took two months into 2021 for it to pass $50,000. Trenchev’s prediction was awfully close to happening.

Many believers in crypto think the market is now mature. They claim there’s plenty of liquidity given that big Wall Street players, including Jane Street and Jump Trading, are now turning to digital assets. On the other hand, there are also crypto “whales”. Do Kwon is one of them and one of the co-founders of Terra Labs. The whales are purchasing millions of American dollars in Bitcoin thinking it might be a “reserve” currency in the future.

Still, digital currencies enjoy significant volatility and face a fragmented regulatory environment around the world. Also, Bitcoin in particular correlates heavily to certain stock markets. The Nasdaq index is one example. If stocks stay volatile, Bitcoin will, too.

Bitcoin right now is still approximately 40% under its all-time high. That was just under $70,000. Some crypto executives just don’t see a lot of price appreciation in 2022.

Not everyone shares Trenchev’s belief that it will top $100,000 anytime soon. However, many do expect it to get back above $50,000 in the coming months or years. Whatever happens, someone will be right, someone will be wrong, and many investors are likely to make at least some money.

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