Nexo’s co-founder is optimistic bitcoin is heading for $100K

TL;DR Breakdown

• Antoni Tranchez says BTC will strike $100k soon as its adoption goes mainstream.
• Trenchev believes bitcoin is an inflation hedge that is comparable to gold.

According to Antoni Trenchev, Nexo co-founder, the new year hints that bitcoin is going to the moon anytime this year. He noted that it would attain $100k thanks to the surging institutional adoption. Trenchev expressed his thoughts on the leading crypto CNBC’s “Street Signs Asia.”

The world’s leading cryptocurrency by market cap was trading at $46,106.85 at this writing. BTC has primarily been a winner through the pandemic era. It rose by almost 70% in 2021 despite another ban from China.

The leading digital asset had a record year in 2021, getting its first upgrade in four years. BTC surpassed $1 trillion in market value for the first time last year despite wild volatility.

BTC is quite a distance from its record high of almost $70k. Still, 2021 marked the start of its mainstream adoption for bitcoin with several firsts. El Salvador adopted bitcoin as legal tender last year while BTC achieved all-time highs in its price and hashrate.

Additionally, Morgan Stanley became the first significant U.S. bank to offer its customers access to bitcoin funds at the beginning of last year. Later the first U.S. futures-based bitcoin ETF was established, paving the way for endless opportunities.

Bitcoin predictions in 2022

Despite Tranchev’s comments, some people are unsure about bitcoin’s trend. Some experts have warned that BTC will drop further.

Carol Alexander, professor of finance at Sussex University, said that bitcoin would be red this year. She noted that it could go as low as $10k this year. She said this is bound to happen because of the wild price swings that weigh on bitcoin.

Trenchev believes BTC is headed to significant gains since institutions have gone mainstream with digital assets. He noted that companies like MicroStrategy and Square had contributed significantly to bitcoin’s success. Trenchev also believes that “cheap money” is with us, and no one can avoid it as it will be good for crypto.

According to famous crypto trader Michael Poppe, investors will benefit from studying current short-term resistance and support levels. He notes that BTC is heading beyond $48k and $49k resistance levels. People believe that it will soon rally above $51k.

CoinMarketCap.com’s cryptocurrency community believes that bitcoin will trade around $52K this month. The community has been giving very reliable predictions that have come to pass.

An inflation hedge

The co-founder of Nexo believes that BTC has achieved a lot since its inception. He does not doubt that it is an inflation hedge that will be a boon to several economies.

Nexo manages assets for almost 3 million users globally and claims to be the most prominent lending institution globally. The company is thriving in the digital financial industry and has issued about $7 billion in credit and manages assets.