Antoni Trenchev, the founder of Nexo, a crypto lending platform, believes that Bitcoin will rise to $100,000 by the time mid-2022 comes along. Right now, the cryptocurrency is valued at just over $46,170 after having gone through a difficult December, during which it plummeted from its all-time high of approximately $69,000 in November.
According to Trenchev, there are two reasons that could propel Bitcoin to greater heights – institutions and firms filling their treasuries with the cryptocurrency and his prediction of ‘cheap money’ becoming the norm in the times ahead.
According to Nexo’s claims on its official website, the platform is the global digital finance industry’s largest lending institution. So far, over $6 billion in credit has been issued by the company. It also provides asset management services for over 2.5 million global users.
Even though the world has struggled with the COVID-19 pandemic since late 2019, Bitcoin has been a winner. Even though the world’s largest cryptocurrency suffered occasional slumps in 2021, it experienced an overall rise of 60% compared to its value right at the very end of 2020. Compared to Bitcoin, Nasdaq and Dow only gained 21.39% and 18.73%, respectively. However, many crypto experts believe that Bitcoin’s value is set to experience a drastic drop in the first few months of 2022.
One such expert is Carol Alexander, who works as a finance professor at Sussex University. According to Alexander, Bitcoin’s value will plummet further in 2022, and it will hit a low of $10,000. If this turns out to be eventually true, it would mean that all the gains that the cryptocurrency made since mid-2020 will be wiped out.
