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 considered one of 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 following twelve months might be pivotal in seeing the benchmark cryptocurrency pack recent 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 elements pushing the digital asset even greater 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 inside 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 in contrast to gold or actual property, the digital asset is extra risk-on, however does excite for the one cause that it does provide big returns.
He defined that continued rising inflation and monetary uncertainty might be simply the driving elements that push Bitcoin costs greater.
“I’d not be shocked if we noticed a Bitcoin value subsequent 12 months over $100,000. It’s even conceivable that it could actually 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 during which cryptocurrencies might but see more gains. His feedback in regards to the want for correct regulation within the crypto house can also be a subject touched upon by varied trade 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% good points in 2021, in comparison with round 28% for the S&P 500 and 22% for Nasdaq.