According to Hong Fang, managing director of the American cryptocurrency exchange OKCoin, the price of bitcoin could exceed $100,000. However, many elements are playing short-term, which means the asset might not hit the milestone anytime soon, she added.
Bitcoin at $100,000 is ‘reasonable’
Despite bitcoin’s recent price drop and its volatile nature, the number of individuals eyeing the cryptocurrency with a future price of $100,000 is increasing every day. OKCoin’s CEO – Hong Fang – is the newest member of the club.
In a recent interview for CNBC, the exec felt that BTC’s network had “no protocol risk.” As such, she is “very bullish” on the asset and thinks it might even break above the $100,000 price level. This potential increase may not happen in the short term, as several market factors are currently influencing the cryptocurrency, she explained:
“In the medium to long term, I still think reaching $100,000 – or even a higher price – shouldn’t be a problem. Timing can be a bit elusive as we are at the mercy of market dynamics. »
Additionally, Fang gave him two cents on non-fungible tokens. Similar to other NFT supporters, such as Kevin O’Leary of Shark Tank and Cuy Sheffield of Visa, she thinks they have a lot of potential. Fang also compared the NFT hype over the past 12 months with the DeFi craze in 2020.
Nonetheless, she cautioned that diving into the world of non-fungible tokens is not for everyone as it is still in its infancy:
“It’s very early so it’s not for everyone. You need to do your homework before putting your money in.
ATH but not $100,000
Earlier this week, Guido Buehler – managing director of Swiss bank SEBA – offered another bullish prediction for the price of bitcoin. The executive believes institutional investments will push the USD value of the asset up to $75,000.
Pascal Gauthier – CEO of crypto wallet Ledger – agreed with Buehler. According to him, investors are increasingly trusting bitcoin, and it is the people who will drive the price up.
In turn, Nikolaos Panigirtzoglou – a strategist at JPMorgan Chase & Co – recently estimated bitcoin’s “fair price” to be between $35,000 and $73,000. It could reach the highest number if investors start switching from gold to BTC, he thinks.
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