Nexo co-founder targets Bitcoin at $100K by mid-2022
The co-founder of Nexo, a crypto-backed loan service recently announced that he believes Bitcoin will be trading at $100K by the next mid-term in 2022. Will this prediction come true?
Antoni Trenchev is a co-founder of Nexo, a blockchain-based platform that offers an alternative to traditional banking. He has stated that he expects Bitcoin to reach $100,000 by mid-2022.
In 2022, another attractive price projection for Bitcoin bulls has surfaced. In an interview with CNBC, Antoni Trenchev, co-founder and managing partner of Nexo, said that Bitcoin may approach the $100,000 mark as soon as this summer.
Despite BTC’s dismal price movement at the start of the year, and the fear and greed index indicating “severe dread,” the Bulgarian business magnate put the record straight:
“Bitcoin outperforms tremendously every time investors and the general public write it off.” This was the case in 2020, when it soared about 1,000 percent, and again in 2021, when it rallied 63%. “I’m a big believer in Bitcoin.”
Nexo has expertise from servicing 2.5 million consumers across 200 countries as one of the world’s leading lending institutions in the digital finance business. It just became one of the first crypto lenders to enable users to borrow stablecoins, Ether (ETH), and other cryptocurrencies using NFTs as collateral, competing with platforms like BlockFi and Celsius.
Related: Despite missing the goal in 2021, Brock Pierce and Tom Lee predict $200K BTC in 2022.
While Nexo was created during the weak market of 2018, Trenchev believes that access to “cheap money” and institutions stockpiling cryptocurrency would push Bitcoin above the $100,000 barrier.
There’s a lot of data to suggest that institutional adoption is on the rise. Fidelity Investments joined with Nexo last month to provide institutional investors crypto custodial services, products, and lending services. Regulatory clarification would “help a ton on institutional adoption,” according to Sam Bankman-Fried, the creator of FTX (which recently added NEXO coin on his exchange).
Trenchev stated that “Latin America is the poster kid” for cryptocurrency use cases, a reference to increased Bitcoin popularity in poorer nations. “They (countries) may all be prospective candidates for adopting cryptocurrency as legal money,” he joked.
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