The co-founder and managing partner of crypto lender Nexo, Antoni Trenchev, is bullish on Bitcoin (BTC) despite the recent market shakeout.
Trenchev says in a Bloomberg interview that BTC could surge by about 130% from the current levels over the coming months.
“[Bitcoin is] going to a $100,000. We will see that level for sure. Whether it happens by the end of June, my optimistic scenario, or towards the end of the year. Ultimately, it doesn’t matter.
But it’s fascinating how resilient this asset is, and the more bearish the consensus gets, and this appears to be happening right now, the more bullish I personally get.”
Bitcoin is trading at $43,351 at time of writing.
Asked whether the plans by the Federal Reserve Bank to tighten monetary policy is “bad for Bitcoin,” Trenchev says there is no political will to raise interest rates extensively.
According to the Nexo co-founder, the Federal Reserve Bank will loosen monetary policy if the S&P 500 US stock index crashes.
“I think as soon as the S&P and the credit markets correct, something to the tune of 20% or even 30%, we will be back to easing in no time. I don’t see the political will for anyone to power through what is necessary – to hike the rates consistently and for extended periods. I just don’t see that on the horizon.
You know, the S&P is down here today 2.5% and everybody is calling the end of the world. So, I don’t see that as a too-likely scenario and I think cheap money is here to stay.”
Trenchev concludes by saying he is hopeful for “business-friendly” regulations in the US as the cryptocurrency industry grows deep and wide.
“We are happy regulators are finally taking notice of the space, and hopefully something productive, business-friendly will come about. Especially in the U.S. because I don’t think that any country can afford to stay outside the whole cryptocurrency universe. Especially with the metaverse slowly but surely emerging.
I choose to be optimistic with regards to regulation. We are proactively working with some of the regulators on that to help them build those rules.”
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