The CEO of Diginex Exchange, whose shares are traded on the Nasdaq Stock Exchange, predicted that by the end of 2021, the price of Bitcoin will triple to $ 175,000.
to the the report “Richard Byworth, CEO of Digix Exchange, said in an interview with Bloomberg on Monday:
Our modeling for the value of bitcoin shows that its price will reach $ 175,000 by the end of this year (2021).
Beworth added that the uptrend in bitcoin is still in its infancy and the market will be much hotter than that.
Data from CoinDesk 20 shows that Bitcoin, which is the best in terms of total digital currency market value, is currently trading at around $ 55,650, up from a high of $ 61,556.59 earlier on Saturday.
The price of Bitcoin has increased by 500% compared to the beginning of October last year (mid-September 2016).
According to Beworth, the US Federal Reserve’s massive money-printing program and the devaluation of the dollar have a “driving effect” on bitcoin.
Extraction of mining bonuses in May last year, which halved the issuance of new bitcoin units and led to increased institutional participation, has plunged the premier digital currency into a supply crisis.
Digix CEO said:
We are seeing the growth of institutional acceptance to a level that is very high and four companies – MicroStrategy, Tesla, Square and now Meitu, in just a few months – 40% of the annual bitcoin supply they got.
Speaking about the potential risks to the outlook for rising prices, Beworth said the early easing of the stimulus package by the US Federal Reserve was a bit discouraging.
Recently, markets began pricing as the Federal Reserve raised interest rates from 2024 to the end of 2022. But according to Beworth, the US Federal Reserve has little room for economic stimulus because it is a long-term anti-inflationary technology field.
“Bitcoin is not anonymous and is easily traceable,” Beworth said, referring to regulators’ concerns about the anonymity factor in China’s blockchain technology.