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Nexo co-founder Antoni Trenchev anticipates BTC to go towards $100,000 as country-wide adoption of cryptocurrencies increases.
Trenchev talked to Bloomberg about his views on the current market. Nexo co-founder commented about the present situation. Mr. Trenchev acknowledged that bitcoin has benefited greatly from an “easy monetary authority” when asked about the Fed’s influence on current price action.
When asked about the key drivers for bitcoin, Mr. Trenchev reiterated the effect of inflation as a crucial aspect. He also said that bitcoin’s present price range appears set to stabilize between $32,000 and $40,000. The lack of leveraged traders is reported to be one reason the industry is recovering at this stage.
Target 100,000 USD
Trenchev commented on his $100,000 price target, saying”leveraged accounts have exploded, there’s essentially no leverage in the system, so it could bounce back and clearly boost the cost “, he also said the slow adoption of associations as a factor driving the bitcoin cost increase.
Countries that use Bitcoin
Furthermore, Mr. Trenchev also commented on recent El Salvador news. The tiny country has formally confirmed bitcoin as legal tender in the country.
The Nexo co-founder commented about the prospect of bitcoin adoption in different countries, stating”not instantly, El Salvador is a small country, 20 percent of the market comes from remittances, so for them I see a few latin states following it earlier rather than later. “
Finally, when asked about the way other cryptocurrencies can over-appropriate bitcoin, Trenchev shared:
“Absolutely not, bitcoin is the number one currency and will stay that way for a while. I’m super excited about ether.”
Synthetic
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