Tether’s chief technology officer (CTO) Paolo Ardoino is expressing bullish sentiment on Bitcoin (BTC) as the flagship crypto asset sits below $30,000.
Ardoino says in a new CNBC interview that Bitcoin could “easily retest” its all-time high of slightly above $69,000 reached in November of 2021.
“I’m bullish given all what I said in terms of geopolitical uncertainty…
I’m bullish on Bitcoin. I think that it can easily retest the all-time high levels around $60,000+.”
Bitcoin, which is trading at $28,109 at time of writing, would have to jump by around 145% to reclaim the record high.
According to the Tether CTO, the prevailing banking crisis is making a strong case for the adoption of Bitcoin.
“Bitcoin is in this moment, I think, decoupling from the traditional financial markets. I think that given the geopolitical situation we are in, the banking industry situation we are in, I think people are getting scared.
So when there are bank runs around the world, I think, Bitcoin is the only asset that you can really hold for yourself, you can hold in your hardware wallet.
And it’s a hedge against everything that could happen, or already happened in the past months and could happen in the future.”
Despite being bullish on Bitcoin, Ardoino says he’s doubtful Bitcoin could hit $1 million in under 90 days as former Coinbase CTO Balaji Srinivasan wagered last week.
“I know that there is a bet on Bitcoin that it could reach $1 million in 90 days. I’m kind of skeptical about that because honestly, I wouldn’t even hope for that.
Because if Bitcoin would reach such a high price level, it would mean that the entire economy will crumble. And I’m not sure it is the word that we want to live in.”
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