The CEO of digital asset custodian BitGo, Mike Belshe, believes Bitcoin (BTC) could rally by up to 94% over the next six months.
Belshe says in a new Kitco News interview that Bitcoin “will be somewhere around $125,000 to $135,000″ by the end of this year.
Bitcoin is trading at $69,470 at time of writing.
According to the BitGo CEO, one of the catalysts that will drive Bitcoin to a six-figure price is the high level of US national debt.
“We still have the macro climate backdrop which is constantly verifying the thesis of Bitcoin. You know, it’s not really a debate anymore that the US debt is uncontrollable…
…that macro climate influences the idea that Bitcoin is kind of the next gold.”
Belshe says that the weaponization of the US dollar as well as the emergence of economic blocs that are building alternative payment systems are other bullish catalysts for Bitcoin.
“Look there’s not an alternative [global] reserve currency that looks super strong. Obviously, you’ve got BRICS trying to eat away at the dollar, demand side, by doing more purchases outside of the dollar. So far those have been relatively small scale but that’s going to continue to grow. Unfortunately, the US with sanctions controls…
Every time the US says we are going to maintain power over your dollar and if you don’t do what we want you to, foreign policy-wise, we’re going to take it away. Which is what we did to Russia badly, you can love it or hate it, but that’s what we did… we put every single dollar holder on notice that we may do it to them in the future as well…
So the US debt crisis is one thing, foreign policy and sanctions controls is another, BRICS providing alternate payment systems…
So all of this is going to eat away at the dollar. That is the narrative of why Bitcoin exists.”
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