Bitcoin to Hit N41.2 Million in One Year, Crypto Company’s CEO Says

Bitcoin to Hit N41.2 Million in One Year, Crypto Company’s CEO Says

  • The premium crypto, the bitcoin has been predicted to hit $100,000 within 12 months according to a CEO of a crypto firm
  • Antoni Trenchev, the CEO of Nexo said bitcoin coast all the way up but said there is a concern that the proposed stimulus package by the US government could impact it
  • Trenchev had predicted the rise of bitcoin above $50,000 in 2020 which happened in January last year

The king of cryptos, bitcoin has been predicted to hit N41.2 million ($100,000) in one year, this is according to the CEO of Nexo, a leading crypto company.

In an interview with CNBC, Antoni Trenchev said he believes the premium cryptocurrency can soar above $100,000 within 12 months.

Bitcoin, cryptocurrency, Antoni Trenchev, Nexo
Bitcoin will sell for N41.2 million in a year
Source: Getty Images

King of cryptocurrency to double in price soon

According to him, he is worried about the prospects of bitcoin in the short-term as the US Federal Reserve, an equivalent of Nigeria’s CBN, begins to unfold its stimulus package which will make the top crypto fall in tandem with conventional markets.

Read also

Elon Musk offers to buy all Twitter shares for N17.8trn in cash, 24hrs after Shareholders accuse him of fraud

PAY ATTENTION: Join Legit.ng Telegram channel! Never miss important updates!

But he added that the stimulus programme can also give momentum to the bitcoin.

This would mean that bitcoin’s price could more than double this year, assuming Trenchev’s prediction is correct.

He had predicted in January that the price of bitcoin would reach up $50,000 by the end of 2022. He says people mocked his prediction.

Whales are buying up bitcoin

Trenchev’s forecast for 2020 did not come true, but the bitcoin got to as high as $29,000 that year but eventually spiked above $50,000 in February of 2021.

Crypto watchers say that the market is ripe and there is more than enough that main companies and big firms are now coming out to purchase digital assets like bitcoin and ether.

Crypto whales are piling up millions of dollars worth of bitcoin with the thought that it could become a store of value currency in the future.

Read also

Crypto Market Falling Over 20%, Why We’re Buying More: Cardano (ADA), Fantom (FTM), Quitriam Finance (QTM)

Bitcoin has shaved off around 40 per cent off its $68,000 record high this year.

Whales are enormous investors that are able to move the market.

Bitcoin investors lose over N20.14 trillion in 24hrs as price fall below $40 for the first time since march

Legit.ng has reported that Bitcoin investors lost over N20 trillion in one day as prices fell below $40k for the first time since March 16th, leading to nearly 150,000 traders being cleared of their positions.

The fall in bitcoin price comes as investors weigh the risks of rising interest rates, soaring inflation and dislocation of global commerce as a result of Russia's invasion of Ukraine.

Bitcoin opened trading on Monday, March 11 with a market capitalisation of $803 billion before closing the day $754.5 billion as $48.4 billion was wiped out in hours.

Source: Legit.ng

Authors:
Pascal Oparada avatar

Pascal Oparada (Business editor) Pascal Oparada is a Mass Communications Graduate from Yaba College of Technology with over 10 years of experience in journalism. He has worked in reputable media organizations such as Daily Independent, TheNiche newspaper, and the Nigerian Xpress. He is a 2018 PwC Media Excellence Award winner. Email:pascal.oparada@corp.legit.ng

Online view pixel