Institutions Could Drive Bitcoin Price to $75,000
Speaking to CNBC during a cryptocurrency conference held in St. Moritz, Switzerland, on Wednesday (January 12, 2022), the SEBA CEO predicted that the price of bitcoin could reach $75,000 before the end of the year. A statement from Buehler said:
“Our internal valuation models indicate a price right now between $50,000 and $75,000. I’m quite confident we are going to see that level. The question is always timing.”
According to the SEBA chief, increased institutional investment in BTC could help push the price of the number one crypto asset higher in 2022. Buehler added that asset pools have shown interest and are just looking for the right time to invest in Bitcoin.
Institutions formerly adopted a cautious and sometimes hostile approach towards bitcoin and other crypto assets in the past, mainly because of their volatile and anonymous nature. However, the story seems to have changed as more big spenders like Tesla Block (formerly Square) have invested in BTC.
Meanwhile, the company with the largest bitcoin portfolio is the U.S. business intelligence giant, MicroStrategy, which began purchasing the asset back in August 2020, and now holds over 124,000 BTC worth over $5 billion.
The SEBA CEO’s prediction comes as the crypto market is trying to make some recovery. On January 10, BTC price plummeted below the $40,000 range, the lowest it has been since late September 2021.
Meanwhile, the leading cryptocurrency reached an ATH of $69,000 back in November 2021, but has lost 38% of its gains, to currently trade just above $42,000, according to Coingecko. While Buehler believes that bitcoin could print bigger five digits in 2022, the CEO said that volatility will continue to be high.
Ledger CEO Says Retailers Would Boost BTC Price
Contrary to the SEBA chief’s prediction that institutional investment would drive the price of bitcoin, Pascal Gauthier, CEO of Ledger, believes otherwise. According to Gauthier, retailers will push the BTC price.
The Ledger boss buttressed his point, stating that there is a “retail trend”, adding that “they trust bitcoin more and more and it’s really the people that will push the price up.”
SEBA bank earlier in January completed a series C funding round, raising CHF 110 million ($120 million). The round saw participation from quantitative crypto trading platform Alameda Research, cryptocurrency exchange FTX, DeFi Technologies, and investment companies Summer Capital, Altive and Ordway Selections.
In a statement on what the fresh capital would be used for, the SEBA CEO said:
“This funding will allow us to further develop our digital asset banking platform and strengthen our presence in markets across the globe by attracting new talent.”
In December 2021, the digital assets banking platform launched a regulated digital token backed by physical gold, which can be “ready for any time on-demand delivery from partner refineries, avoiding costly fees.”