Cryptocurrency industry insiders predict bitcoin could hit a new all-time high in 2023 and possibly reach $100,000. It comes after a noted investor bet that the digital currency could go to $1 million in 90 days.
Chris Ratcliffe | Bloomberg | Getty Images
Bitcoin has rallied nearly 70% so far this year — and industry insiders who spoke to CNBC remain bullish, with one saying the world’s biggest cryptocurrency could reach new heights.
Bitcoin previously hit its all-time high of $68,990.90 in November 2021. Since then it has fallen about 60%.
Marshall Beard, chief strategy officer at U.S.-headquartered cryptocurrency exchange Gemini, said $100,000 could be a possibility for bitcoin.
“I think bitcoin probably breaks all-time highs this year,” Beard said, adding that the $100,000 price figure is an “interesting number.”
Beard said that if bitcoin gets to its previous record high of near $69,000, “it doesn’t take much more for it to lift up” to $100,000.
Bitcoin would need to rally around 270% to hit $100,000.
Paolo Ardoino, chief technology officer at stablecoin issuer Tether, said bitcoin could “retest” its all-time high near $69,000.
The predictions of new record highs mark a more optimistic outlook than in January when industry executives told CNBC that they expected 2023 to be a year of caution.
Is bitcoin finally becoming ‘digital gold’?
Part of the industry’s positive view on bitcoin right now actually stems from how the asset has performed during the banking turmoil sparked by the collapse of Silicon Valley Bank and the failure of two crypto-friendly lenders Silvergate Capital and Signature Bank.
Instead of crashing, bitcoin rallied.
Bitcoin proponents say this is evidence that bitcoin is offering an alternative to the traditional banking system as a place for people to keep their money safe.
“I think the rally is explicable by saying, people have got freaked out by the banking system by the collapses,” Oliver Linch, CEO of Bittrex Global, told CNBC in an interview at…
Read the full article here
