Bitcoin on track to hit $100K in nine months, Bitbull CEO predicts
Even in times of war, the intrigue and conundrum with which Bitcoin – the world’s most sought-after digital asset – has always made headlines, still makes headlines.
In such cases, Russia’s protracted invasion of Ukraine has put the entire cryptocurrency market to the test several times.
Despite a decline in Bitcoin’s price since November, the digital asset is still on track to hit the vaunted $100,000 per coin, according to the CEO of a cryptocurrency and blockchain hedge fund management company.
$100,000 still a possibility for Bitcoin
Joe DiPasquale shared his views on Bitcoin’s role in the Russia-Ukraine war and his optimistic forecast for the cryptocurrency markets in the coming months.
According to the CEO of Bitbull, despite the gloomy mood that has dominated crypto markets since the beginning of the year, Bitcoin is still on track to reach $100K in the next 24 months.
DiPasquale stated that the year 2023 is “a fair bet” and that people may need some time this year to “relax and let off some steam.”
Biden Crypto EO Lifts Bitcoin
On Thursday, a robust rise from Wall Street – mixed with anticipation over US President Joe Biden’s cryptocurrency executive order – helped recover digital currencies like Bitcoin, which gained nearly 10% to about $42,000.
Speaking of “safe bets”, it seems DiPasquale’s positive forecast for Bitcoin carries a lot of weight, especially now that the US government has shown a strong interest in crypto and its potential to reshape the financial status quo.
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BTC total market cap at $741.70 billion on the daily chart | Source: TradingView.com
“The devil is in the details,” said Ryan Selkis, founder and CEO of Messari, a cryptocurrency research platform.
“While we will have to wait and see what the major regulators propose in the coming months, this is a positive step, and there were no red lights at the first reading,” Selkis added.
Bitcoin as currency
After the outbreak of the conflict between Russia and Ukraine, Bitcoin showed a mixed reaction, initially plunging alongside the stock but then recovering significantly. Many wondered if cryptocurrency can still be called the digital equivalent of gold.
“We need to think of Bitcoin as a currency, not as digital gold, but as one that is not subject to the whims of a central bank and instead has a very limited supply,” DiPasquale said.
Individuals are adopting cryptocurrencies to mitigate the effects of financial turmoil on both sides of the conflict.
There are growing concerns that the Russian elite will try to evade Western sanctions through the use of cryptocurrencies.
Analysts say Russia could switch to Bitcoin mining — an industry in which President Putin previously stated Russia has a “competitive advantage” — or to using non-compliant exchanges, a tactic currently being exploited by Russian hackers.
As has been the case with a number of other analysts in recent weeks, DiPasquale believes that bitcoin is not suitable for that.
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Featured image from NaijaGreen Movies-Music, chart from TradingView.com