Peter Chung of quantitative trading firm Presto has again repeated his prediction about Bitcoin.BTCBy 2025, the value of a ) is expected to reach $210,000.
On April 28, interview Chung told CNBC that his bullish long-term outlook is primarily driven by institutional adoption and global liquid expansion.
Analysts acknowledged the market’s performance this year hasn’t met expectations, primarily due to the difficult macroeconomic climate and market response.
He described recent corrections, however, as an “healthy” They have improved the foundations for Bitcoin to become a financial asset of mainstream importance.
“In hindsight, I think it was actually a healthy correction which has paved the way for the further re-rating of Bitcoin as a mainstream asset,” “He said”
Related: Bitcoin trades at ‘40% discount’ as spot BTC ETF buying soars to $3B in one week
Bitcoin’s dual role
Chung has also talked about Bitcoin’s dual character, which he describes as being both a currency and a digital asset. “risk-on asset” You can also find out more about the following: “digital gold.”
He stated that Bitcoin behaves in a way similar to a risky asset, driven by the user’s adoption and network effect.
Bitcoin can act like gold in times of financial uncertainty, for example during the conflict that will break out between Russia and Ukraine 2022, or when the Silicon Valley Bank fails 2023.
“These moments are rare,” Chung explained, “[They] only happened when the market has doubts about the stability of the US dollar-dominated financial system.”
Chung said that Bitcoin could be a viable alternative to gold. “catch up” The traditional safe haven asset class could potentially perform better than other assets at the end of the year.
Chung also confirmed Presto’s target for Ether.ETH), maintaining its valuation model based on the ETH-to-BTC ratio, reflecting confidence in Ethereum’s ongoing network improvements.
Related: New Bitcoin price all-time highs could occur in May
The institutionalization of Bitcoin has increased to $94,000.
Bitwise CEO Hunter Horsley echoed Chung’s views in a post on X, stating that Bitcoin’s rise to $94,000 occurred with little retail participation. Google searches for “Bitcoin” remain near long-term lows.
Horsley claims that this rally has been a hoax. driven by institutional investorsFinancial advisers, companies, or even nations can benefit from this.
“The types of investors buying Bitcoin is expanding,” Horsley Said
According to a report, corporate Bitcoin treasuries currently hold BTC worth nearly $65 billion. data from BitcoinTreasuries.NET.
Standard Chartered, Intellectia AI and Standard Chartered said on April 22 the institutional Bitcoin demand of exchange traded funds and traders who want to hedge macroeconomic risk may cause a spike in prices. Bitcoin’s price to more than double this year.
Magazine: Financial nihilism in crypto is over — It’s time to dream big again
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Source: cointelegraph.com
