Nexo co-founder predicted bitcoin to rise in price to $100 000

According to Antoni Trenchev, the Fed’s interest rates hike may give an additional boost to cryptocurrencies during the year

14.04.2022 - 15:35

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What’s new? Nexo co-founder and managing partner Antoni Trenchev believes the price of bitcoin will reach $100 000 within a year. He told CNBC that he is concerned about the situation with BTC in the short term, as its price may fall along with other assets because of the Federal Reserve System’s (Fed) interest rates hikes. However, according to him, following the collapse of stocks, the Fed will ease its policy, which may give an additional boost to cryptocurrencies.

Information on the CNBC website

What predictions has Trenchev previously made? In January 2020, he predicted that the price of bitcoin will reach $50 000 by the end of the year. His prediction for 2020 did not come true: that year, the price of the asset peaked at $29 000. However, the cryptocurrency did break the $50 000 mark in February 2021.

What had happened before? Mastercard, an international payment system, teamed up with Nexo, a crypto lender, to launch the world’s first crypto-backed payment card. The card’s issuer will be the financial app, DiPocket. According to the Nexo representatives, the card allows one to spend without having to sell one’s digital assets, which are used as collateral to back the credit granted.

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