Another promising price prediction appeared for Bitcoin bulls in 2022. Antoni Trenchev, co-founder and managing partner of Nexo, said that Bitcoin (BTC) could hit the $ 100,000 milestone as soon as summer rolled around, in an interview with CNBC.
Despite BTC opening the year with bearish price action, while the Fear & Greed index shows “extreme fear”, the Bulgarian business mogul made things clear:
“Every time Bitcoin is discarded by investors and the broader community, its performance is significantly outperformed. This has been the case in 2020, when it recovered close to 1,000% and in 2021, where it recovered 63%. I am quite bullish on Bitcoin. “
As one of the world’s largest lending institutions in the digital finance industry, Nexo is aware of the information obtained by providing services to 2.5 million users in 200 jurisdictions. As a competitor to platforms like BlockFi and Celsius, it has recently become one of the first cryptocurrency lenders to allow clients to borrow stablecoins, Ether (ETH), and other cryptocurrencies using non-fungible tokens as collateral.
While Nexo was forged in the bear market of 2018, Trenchev said that access to “cheap money” and institutions that fill their exchanges with cryptocurrencies will propel Bitcoin above the $ 100,000 wall.
There is much evidence that institutional adoption is brewing. Last month, Fidelity Investments partnered with Nexo to offer crypto custody services, loan products and services for institutional investors. On Monday, Sam Bankman-Fried, founder of FTX, which just listed the NEXO token, said that regulatory clarity “would help a lot in institutional adoption.”
In a nod to increased adoption of Bitcoin in developing countries, Trenchev concluded by saying that “Latin America is the ideal model” for cryptocurrency use cases.. He joked that “all of them (countries) could be potential candidates to adopt cryptocurrencies as legal tender.”
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