Castle Island Ventures founding partner and Coin Metrics co-founder Nic Carter still predicts Bitcoin (BTC) hitting six figures this year amid a looming debt crisis.
In a new Kitco News interview, Carter says that despite the recent market pullback, Bitcoin “undeniably” could reach $100,000 in 2024.
“On the first of the year, I think Bitcoin was trading in the $30,000 range, maybe $40,000. I forecasted $80,000 at some point this year. We were very close to hitting that just recently. $100,000 would certainly not be out of the question this year.”
Asked if $100,000 remains his price target in 2024, Carter says,
“Oh yeah, undeniably. And as we look forward to the next two, or three years, I’m very, very constructive on the price. I think the Bitcoin thesis has been validated. I think it really got that institutional nod of appeal from the SEC (U.S. Securities and Exchange Commission) with the ETF (exchange-traded fund) approval. We’re now seeing other jurisdictions approve ETFs. Hong Kong I think is a fast follow there.”
Carter also says reasons to be bullish include that the Bitcoin network could advance through emerging layer-2 projects and the crypto king could act as a safe haven for investors amid rising national debts and high inflation.
“Bitcoin has really set itself apart from the rest of the crypto economy. There are other positive factors like the emergence of new layer-2 networks on Bitcoin, which are very exciting and allow for it to reach maybe technological parity with Ethereum. So the Bitcoin network itself is sort of being upgraded in real time.
And then the fundamental here is there is a debt crisis on the horizon for the developed nations, in particular the US. I think we will face monetary repression. We will face yield curve control, high and variable inflation, and people will look for safe havens and other asset classes.
Bitcoin has now been ratified as an asset class in its own right with efficient tools to access it for anybody that wants to in the US. So that fundamental trend is unchanged, regardless of sort of short-term eddies related to the halving.”
Bitcoin is trading for $62,691 at time of writing, down more than 5% in the last 24 hours.
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