The Bitcoin Basis chairman suggests inflation and insatiable urge for food by governments to print fiat cash might assist Bitcoin rally above the extremely anticipated stage of $100,000, gaining by 300% or extra to breach the six-digit barrier in 2022.
Brock Pierce, billionaire entrepreneur and one among cryptocurrency’s pioneer adopters, is projecting a bullish outlook for Bitcoin subsequent 12 months.
The Block.One co-founder believes that regardless of Bitcoin’s present struggles, the subsequent twelve months may very well be pivotal in seeing the benchmark cryptocurrency pack contemporary upside momentum.
However he’s not simply considering of BTC hitting a brand new all-time excessive above $69,000. He thinks the market might witness a breakout past the $100k barrier, with mitigating exterior components pushing the digital asset even larger alongside the six-digit rail.
The previous US presidential candidate shared his prediction throughout an interview on Fox Enterprise.
Inflation and monetary uncertainty so as to add to volatility
Pierce believes that Bitcoin’s value might get some tailwinds from the endless urge to print extra currencies. He appears to be like at this issue as one of many major drivers of Bitcoin value sooner or later, greater than even development throughout the broader crypto market.
The entrepreneur says Bitcoin’s volatility is one other issue, noting that the cryptocurrency largely doesn’t act as a “hedge per se.” He notes that not like gold or actual property, the digital asset is extra risk-on, however does excite for the one cause that it does supply large returns.
He defined that continued rising inflation and monetary uncertainty may very well be simply the driving components that push Bitcoin costs larger.
“I’d not be stunned if we noticed a Bitcoin value subsequent 12 months over $100,000. It’s even conceivable that it may well break $200,000 for a second,” he famous.
On this regard, it is possible Bitcoin might see a 300% or extra rally earlier than cooling off.
Pierce’s sentiment mirrors a number of others who see 2022 as a 12 months wherein cryptocurrencies might but see extra positive factors. His feedback concerning the want for correct regulation within the crypto area can also be a subject touched upon by numerous business and market gamers, together with FTX CEO Sam Bankman-Fried and Cardano founder Charles Hoskinson.
Bitcoin is buying and selling simply above $48,000 as of writing, up practically 1.5% on the day however about 5% down over the previous week.
BTC/USD can also be practically 31% down from its peak of $69,044 reached in November. Nonetheless, the digital asset has outperformed US equities with over 75% positive factors in 2021, in comparison with round 28% for the S&P 500 and 22% for Nasdaq.
The put up Brock Pierce says Bitcoin value might rally to $200K subsequent 12 months appeared first on Coin Journal.