Bitcoin on the rise: Could it reach $100K this year?

Industry insiders predict new heights as crypto offers alternative to traditional banking and hedges against inflation

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With bitcoin up nearly 70%, industry insiders say the cryptocurrency could reach new heights.

Bitcoin could reach as high as $100,000, Marshall Bird, chief strategy officer at U.S.-based cryptocurrency exchange Gemini, told CNBC.

“I think bitcoin will go higher this year than at any other time,” Bird said. “If bitcoin reaches its previous record high of around $69,000, then it will be very easy to reach $100,000,” he added.

At the same time, Paolo Ardoino, chief technology officer at fixed-currency issuer Tether, said: “Bitcoin could repeat its all-time high near $69,000.

Predicting new highs signals a more optimistic outlook than in January, when industry executives told CNBC they expected 2023 to be a year of caution.

Bitcoin Is Finally “Digital Gold

Bitcoin has held up quite well during the banking turmoil caused by Silicon Valley Bank collapsing and two crypto-friendly lenders, Silvergate Capital and Signature Bank, failing. Instead of collapsing, it is rallying.

Bitcoin supporters say this is strong evidence that crypto offers an alternative to traditional banking as a place for people to keep their money safe.

For many years, bitcoin advocates have argued that bitcoin is a form of “digital gold” – an asset that is a safe haven and can offer investors a hedge against inflation and an investment in times of turmoil. In recent years, however, bitcoin has traded in correlation with stocks, particularly the tech-heavy Nasdaq.

Now there are some signs that bitcoin is decoupling from other markets as it outperforms the Nasdaq. But at the same time, it has also been boosted by hopes that the banking crisis will slow the Fed’s rate hikes, which would favor risky assets.

Debates about where bitcoin will go this year have heated up since Balaji Srinivasan, an investor and former chief technology officer of Coinbase, bet on March 17 that the currency could be worth $1 million in 90 days.

He placed a $2 million bet in the belief that hyperinflation would drive down the value of the dollar and force governments, businesses and citizens to buy large amounts of bitcoin.

For bitcoin to reach $1 million, it would have to rise 3,600% from its current level.

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