Bitcoin is Still on Track of Hitting $100K in the Long Term, OKCoin CEO says
Talking on CNBC Capital Connection Wednesday, Hong Fang, the CEO of crypto trade OKCoin, opined that Bitcoin reaching $100,000 wouldn’t be an issue in the long run.
Fang acknowledged that point was of the essence in Bitcoin’s journey in direction of $100K. She pointed out:
“I nonetheless imagine that the $100,000 worth level is cheap, however the timing is usually a bit elusive as a result of we’re on the mercy of market dynamics … so I believe there’s quite a lot of parts enjoying out within the quick time period, however long run I nonetheless assume that attending to $100,000 or perhaps a larger worth shouldn’t be an issue.”
She added that the short-term dynamics needed to come up as a result of Bitcoin is competing with different property for capital within the crypto area.
The psychological worth of $100,000 has grow to be a great goal for varied pundits, buyers, and merchants within the BTC market. As an illustration, earlier this yr, El Salvador President Nayib Bukele disclosed his bullish forecasts that Bitcoin would breach the $100K stage in 2022.
Bitcoin jumps as inflation will increase in the USA
Following the release of knowledge displaying that the US Shopper Worth Index (CPI) reached 7% in December 2021, Bitcoin rose by roughly 3.1% to hit the $44,000 stage on January 12.
Due to this fact, displaying that inflation on American soil recorded the very best annual achieve since 1982. This reignited the inflation hedge argument about Bitcoin.
Every time inflation ranges go up in the USA, a development is being witnessed as a result of BTC price normally surges. As an illustration, in November final yr, because the inflation fee reached a 30-year excessive of 6.2%, Bitcoin hit an all-time excessive (ATH) of over $68,000.
The main cryptocurrency had retracted to the $43,805 stage throughout intraday buying and selling, in line with CoinMarketCap.
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