Nexo crypto lending co-founder and managing partner Antoni Trenchev isn’t dissuaded by the bearish price action of Bitcoin (BTC) in the past two months.
In a new interview, Trenchev tells MSNBC that he thinks Bitcoin will reach $100,000 by the middle of 2022.
Bitcoin is currently trading at $46,083.28, down more than 6.8% from where it was priced one month ago.
Despite the dip, Trenchev lists two simple reasons for his bullishness.
“We see institutional adoptions persevere quietly.
Companies building out their treasuries, filling [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 an inflation hedge and gold 2.0.”
Federal Reserve officials have recently indicated they plan to scale back asset purchases and raise interest rates next year in an effort to fight inflation.
Though it may spell trouble for the crypto markets, Trenchev isn’t about the plan.
“I’m a contrarian here, I quite frankly think that as soon as we see a rate hike, it’s going to be a dip into equities and the bond market,
And quite frankly the last few years we haven’t seen much political will to power through any sort of correction in the traditional financial markets.”
Trenchev also argues that, due to currency and central banking challenges, other countries in Latin American are strong candidates to follow El Salvador in terms of adopting Bitcoin as legal tender.
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