The co-founder of crypto lender Nexo, Antoni Trenchev, believes Bitcoin (BTC) is on track to hit $ 50,000 by the end of the year.
In a new interview with Bloomberg Markets, Trenchev says that the notorious volatility of the leading crypto is expected given the global economic background and recent halving, and long-term thinking is needed when investing in emerging and risky assets.
“I will stick to my prediction I made with you earlier in January that Bitcoin will reach $ 50,000 by the end of the year …
The truth is, Bitcoin is the only free market we have right now. It shows amazing resilience from this pandemic and the sale of risky assets, and this has happened without any outside support. I would say Bitcoin is your bail-out-of-recession free card right now. ”
Trenchev emphasizes Bitcoin’s status as the best-performing asset of the past decade, despite the fact that it still hasn’t reclaimed its record high of $ 20,000, which expired on December 17, 2017.
He points to Bitcoin’s limited supply and the recent revelation that hedge fund legend Paul Tudor Jones is investing in Bitcoin as two main reasons for staying bullish.
“We are positive and we are seeing the influx of new customers to Nexo realizing that Bitcoin is here to stay, and it is one of the best safeguards against inflation …
In this moment of very, very aggressive quantitative easing, I think cryptocurrencies and especially Bitcoin are quite the opposite. With hard coded events in the fiber of what Bitcoin is, this quantitative hardening is the absolute opposite of quantitative easing, which is a fundamentally different thing and only looks like gold.
And now Bitcoin is glowing in its full glory, slowly but surely, based on this disinflationary curve of the Bitcoin offering, the incomparable cost of producing it. I think the market and investors are going to realize all these great features of Bitcoin. ”