The world's biggest cryptocurrency, Bitcoin, is on its way to hitting $75,000 in 2022, according to a prediction from Seba CEO Guido Buehler.
The Swiss bank boss said that he is confident about Bitcoin's position for this year.
Bitcoin Price Projected to Double in 2022
In an interview with CNBC's Arjun Kharpal on Wednesday, Jan. 12, Buehler said that the price of Bitcoin will go up. He added that their internal valuation models suggest that the popular crypto could likely sit from $50,000 to $75,000 in pricing.
In November, Bitcoin reached a peak of $69,000, the highest record at that time. This was the all-time price that the cryptocurrency achieved over the past months.
However, it suddenly plunged to under $40,000 on Monday, Jan. 10. It was the all-time low value for Bitcoin since September 2021.
Regarding the cryptocurrency's record levels over the past year, Seba's CEO believed they would continue, and BTC would attain its high volatility status for some time.
Bitcoin's Risky Nature
The inconsistency in the value of Bitcoin has put the investors to notice that investing in this crypto is no joke. Due to its risky position in the market, experts still remind them to be careful in their asset investments and watch out for sudden rise and fall.
According to Coin Metrics, Bitcoin's value decreased to 6% earlier this week. It hit a price of $39,771.91 before touching $42,921.55 on Wednesday at around 5 AM ET.
The downward trend for investments cannot only be seen in cryptocurrencies but stocks as well. On several occasions, investors have been keen on the erratic prices for Bitcoin and other digital coins.
For Genesis head of market insights, Noelle Acheson, the said cryptocurrency has been showing risky behavior in the last few months.
"When the market gets jittery, bitcoin tumbles. We've seen various indications that market sentiment is somewhat spooked by the spike in the 10-year - that's not good for any asset that has high volatility in cash flows," she said.
Seba CEO on Boosting Bitcoin Price
According to Buehler, "institutional" investors have a huge role in improving the current state of Bitcoin. He said that they could improve the crypto's price for this year.
The Seba bank boss said their institution works as a "fully regulated bank." He added that they have asset pools waiting for the right investment period.
In the same report, Ledger CEO Pascal Gauthier said that the "retail trend" is currently taking place in Bitcoin. He stated that the people who trust cryptocurrency would contribute to the price increase.
In another report from Yahoo Finance, Bitbank analyst Yuya Hasegawa agreed that it was "not a time for optimism" for Bitcoin despite the gains.
Meanwhile, Tech Times reported that former Twitter CEO Jack Dorsey tweeted about Muun Wallet. Many believed it could be related to Bitcoin transactions.
The same tech site wrote that Pantera Capital's Joey Krug stood bullish for Ether. He thought that this cryptocurrency would rival competitors with trade-offs.
This article is owned by Tech Times
Written by Joseph Henry