According to Antoni Trenchev, co-founder and managing partner Nexo, Bitcoin (BTC) will reach $50,000 within the next 6 months.
Trenchev believes that Bitcoin will ride on a bullish wave to surpass its current all-time high (ATH) of $20,000 to reach $50,000 by the end of the year. He revealed this in an interview during the recent BlockDown conference.
Trenchev explained that Nexo is seeing a growing demand in participation from individuals and institutional investors. During the interview, he referred to billionaire hedge fund manager Paul Tudor Jones’ endorsement of crypto. The Nexo co-founder believes this is one of the major reasons why institutions are now embracing crypto.
Institutional investors typically have deep pockets and can make larger transactions. Bitcoin stands to benefit from large crypto investments from these corporate investors.
Trenchev also believes Bitcoin is a much better investment than gold at the moment. He pointed out that at 30%, Bitcoin has outperformed the gold market.
He also referred to the $8 trillion printed by the government to fight the pandemic as another reason why fiat will fall and Bitcoin will rise.
“I’m sticking to my prediction of 50k until the end of the year. I appreciate that it is a bold statement, but the fundamentals are there and the momentum is shifting there as well.”
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