Richard Byworth, CEO of cryptocurrency company Diginex, is very optimistic about the outlook for Bitcoin by early 2022.
“We are expecting a price of around $ 175,000 per bitcoin by the end of this year,” Byworth said Monday, March 15, in an interview with Bloomberg.
According to him, we are still in the early stages of a bull market.
Byworth believes that the release of US Federal Reserve money and the devaluation of the dollar will have a significant impact on Bitcoin. He noted that BTC continues to face a supply crunch due to the May 2020 miner reward cut (halving) and increased institutional participation.
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“We are seeing institutional adoption. Only four companies - MicroStrategy, Tesla, Square, and more recently Meitu - acquired 40% of the annual Bitcoin supply in just a few months, ”Byworth said.
As a potential risk for the price of bitcoin, Byworth noted the early termination of the Fed stimulus program, which could "slightly weaken the market situation."
When asked about regulatory concerns about bitcoin's anonymity, Byworth replied: "Bitcoin is not anonymous, it can be very easily tracked."
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Diginex was listed on the Nasdaq last October. Diginex is the parent company for the Equos cryptocurrency exchange and the custodian service Digivault.