Tuesday, November 28, 2023

Institutional Money Will Drive Up Bitcoin Price: Seba Bank

A regulated Swiss Bank – Seba has predicted that the price of popular bitcoin will touch $75K and it will be driven by institutional money. Guido Buehler, the CEO of Seba Bank, believes the price is going up. The Swiss bank’s internal valuation model shows a price between $50,000 and $75,000.

Seba is quite confident that the market will see this level. Buehler pointed out that at the end of the day, it is always about timing. He, however, said volatility remains high. The executive said BTC price will be pushed up by institutional money. Buehler shared that Seba has asset pools. They are looking for the right time to invest.

The Swiss bank’s insight follows that of Galaxy Digital CEO Mike Novogratz, who has noted a tremendous demand from institutional investors for digital asset. Institutional investors, as per a survey by Nickel Digital Asset Management, believe more regulation will help increase the price of cryptocurrencies.

Goldman Sachs has also predicted that the price of bitcoin is likely to touch $100K as it takes gold’s market share as a store of value. It is estimated that the cryptocurrency’s float-adjusted market capitalization is just under $700 billion. It accounts for a 20% share of the store of value market. This market is made up of gold and bitcoin. Antoni Trenchev, the co-founder and managing partner at Nexo, also sees BTC reaching $100,000 this year, most likely by mid-2022.

Investors are turning more to bitcoin as a keeper of their wealth. A good example is billionaire Bill Miller, who has 50% of his personal assets in crypto. Miller started buying bitcoin in 2014 for $200. Over time he bought more but then abruptly stopped. The fund manager bought more bitcoin last year when the price gained new heights and fell sharply. Miller felt it was a good time to buy bitcoin.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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