The Bitcoin Foundation president suggests ostentation and insatiable appetite by governments to people fiat wealth could assistance Bitcoin rally supra the highly anticipated level of $100,000, gaining by 300% oregon much to breach the six-digit obstruction successful 2022.
Brock Pierce, billionaire entrepreneur and 1 of cryptocurrency’s pioneer adopters, is projecting a bullish outlook for Bitcoin adjacent year.
The Block.One co-founder believes that contempt Bitcoin’s existent struggles, the adjacent 12 months could beryllium pivotal successful seeing the benchmark cryptocurrency battalion caller upside momentum.
But he’s not conscionable reasoning of BTC hitting a caller all-time precocious supra $69,000. He thinks the marketplace could witnesser a breakout beyond the $100k barrier, with mitigating outer factors pushing the integer plus adjacent higher on the six-digit rail.
The erstwhile US statesmanlike campaigner shared his prediction during an interview connected Fox Business.
Inflation and fiscal uncertainty to adhd to volatility
Pierce believes that Bitcoin’s terms could get immoderate tailwinds from the never-ending impulse to people much currencies. He looks astatine this origin arsenic 1 of the superior drivers of Bitcoin terms successful the future, much than adjacent maturation wrong the broader crypto market.
The entrepreneur says Bitcoin’s volatility is different factor, noting that the cryptocurrency mostly doesn’t enactment arsenic a “hedge per se.” He notes that dissimilar golden oregon existent estate, the integer plus is much risk-on, but does excite for the 1 crushed that it does connection immense returns.
He explained that continued rising ostentation and fiscal uncertainty could beryllium conscionable the driving factors that propulsion Bitcoin prices higher.
“I would not beryllium amazed if we saw a Bitcoin terms adjacent twelvemonth implicit $100,000. It’s adjacent conceivable that it tin interruption $200,000 for a moment,” helium noted.
In this regard, it's probable Bitcoin could spot a 300% oregon much rally earlier cooling off.
Pierce’s sentiment mirrors respective others who spot 2022 arsenic a twelvemonth successful which cryptocurrencies could yet spot more gains. His comments astir the request for due regularisation successful the crypto abstraction is besides a taxable touched upon by assorted manufacture and marketplace players, including FTX CEO Sam Bankman-Fried and Cardano laminitis Charles Hoskinson.
Bitcoin is trading conscionable supra $48,000 arsenic of writing, up astir 1.5% connected the time but astir 5% down implicit the past week.
BTC/USD is besides astir 31% down from its highest of $69,044 reached successful November. However, the integer plus has outperformed US equities with implicit 75% gains successful 2021, compared to astir 28% for the S&P 500 and 22% for Nasdaq.
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