Swiss Bank CEO Forecasts Bitcoin Price to Reach $75,000 in 2022 January 12, 2022 January 12, 2022 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Bitcoin NewsJanuary 12, 2022 by Kelly Cromley

Swiss Bank CEO Forecasts Bitcoin Price to Reach $75,000 in 2022

As per the CEO of Swiss bank Seba, Bitcoin’s price might almost double to $75,000 in 2022 as greater number of institutional investors begins to adopt the world’s numero uno crypto by market cap. “We expect the price will rise,” Guido Buehler told CNBC’s Arjun Kharpal on Wednesday at the Crypto Finance Conference in St. Moritz, Switzerland.

“Our proprietary valuation methods estimate a value of $50,000 to $75,000 as of date,” stated the CEO of the licensed Swiss bank with an emphasis on cryptocurrencies. “I’m fairly optimistic we’ll see that threshold. The issue is always one of time.”

After reaching an all-time peak of $69,000 in November, bitcoin’s value has plummeted in recent months, and its price momentarily fell under $40,000 on Monday, putting it close to lows unseen since September. When asked whether bitcoin would reach the all-time highs set in 2021, Buehler stated he “thinks so,” but warned that volatility will stay high. This week’s drop in prices occurred as increasing Treasury yields — and the threat of increased central bank interest rates — prompted investors to sell riskier, growth-oriented assets.

As per Coin Metrics, Bitcoin plummeted by nearly 6% on Monday, reaching a nadir of $39,771.91. On Wednesday morning, the most popular crypto was trading at $42,921.55. Drops in the cryptocurrency market mirror a tough week for equities, especially trending stocks. Investors have been shifting into more seasonal and value stocks as the 10-year Treasury yield has risen at the beginning of 2022. On Monday, the 10-year yield reached 1.8%, up from 1.5% at the end of 2021.

“We’ve witnessed bitcoin act like a riskier asset on several times in the last few months,” stated Noelle Acheson, Genesis’ director of market analytics. “When the market becomes anxious, bitcoin falls.”

“We’ve seen some signals that the 10-year yield increase has frightened market sentiment – not healthy for any asset with substantial fluctuation in cash flows. Unlike many other assets that have been tarnished by this touch, bitcoin commands adequate liquidity and hence can withstand greater selling pressure without suffering a significant loss.”

Buehler believes institutional investors will assist drive up the price of bitcoin this year. “Institutional money will most likely push up the price,” he stated. “We operate as a properly regulated bank. We possess asset pools searching for the best periods to invest.”

However, Pascal Gauthier, CEO of cryptocurrency wallet Ledger, told CNBC on Wednesday that bitcoin is presently in a “retail trend.”

“They are becoming more trusting in bitcoin, and it is the people who will drive the price higher,” he added.

Buehler stated that before obtaining regulatory clearance, Seba Bank examined the technology that underpins cryptocurrency and decided that it would “redefine finance.” In other news, Californian venture entrepreneur Bill Tai informed CNBC Wednesday from Switzerland that the cryptocurrency market is seeing “yet another wobble. I’m not sure when it’ll start rising, but it’ll go back up,” he added. He went on to say that cryptocurrencies are at the crossroads of institutional acceptability.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.