Rajarshi Mitra
Independent Analyst
- Antoni Tenchev says Bitcoin is an incredible asset, which delivers systematic asymmetric returns.
- He also shared his views on why Bitcoin has not become an established method of payment.
In an interview on Bloomberg TV's “Bloomberg Markets: European Open,” co-founder of Nexo, Antoni Trenchev, said that Bitcoin’s price can very easily" reach $50K by the end of 2020.
I think that very easily we could see Bitcoin going up to $50,000 by the end of this year. We have our analysts at Nexo crunching the numbers, doing very substantial research... it's the halving coming up because, you know, the rewards for miners are dropping... Last time this happened, Bitcoin rallied 4000%. And it's been an incredible asset -- uncorrelated to the overall market, it delivers systematic asymmetric returns..
When asked why Bitcoin had not become an established method of payment, he answered:
Well, that's a very good question. I mean, the initial idea was we're gonna pay for coffee with Bitcoin, but obviously that has failed to materialize... The narrative now that is much more persuasive is that Bitcoin is the new gold, and we see confirmation like with the turmoil that we have this morning. Bitcoin is rallying on par with gold... If Bitcoin is the new gold and it just captures just like 10% of the total market cap of gold.. that'll be Bitcoin at $50,000. So you gotta stop thinking in terms of whole bitcoins and start thinking of satoshis because that will be what most people will be able to afford...
You can read about the latest Bitcoin price action here.
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