Nexo crypto Lending co-founder and managing partner Antoni Trenchev is not deterred by the bearish price action of Bitcoin (BTC) over the past two months.
In a new interview, Trenchev tells MSNBC that he believes Bitcoin will hit $ 100,000 by the middle of 2022.
Bitcoin is currently trading at $ 46,083.28, down over 6.8% from its price a month ago.
Despite the drop, Trenchev lists two simple reasons for his optimism.
âWe see institutional adoptions quietly persevering.
Companies build their cash flow, fill [them] with Bitcoin, and also the broader theme of macroeconomic realities.
Cheap money, in my opinion, is here to stay which is great for crypto which is a hedge against inflation and gold 2.0.
Federal Reserve officials recently indicated that they plan to cut asset purchases and raise interest rates next year in a bid to fight inflation.
While this can cause problems for the crypto markets, Trenchev is not about the plan.
âI’m going against the grain here, I think quite frankly that as soon as we see a rise in rates, it’s going to be a plunge into stocks and the bond market,
And frankly, in recent years we haven’t seen a lot of political will to make any kind of correction in traditional financial markets.
Trenchev also argues that due to currency and central banking issues, other Latin American countries are good candidates to follow El Salvador in terms of adopting Bitcoin as legal tender.
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