Main navigation

'Bitcoin (BTC) Over $100,000,' Hedge Fund Founder Shares His Bullish Take

Sun, 01/29/2023 - 11:14
article image
Gamza Khanzadaev
BlockTower Capital founder explains why and how Bitcoin could reach triple digits by 2024
'Bitcoin (BTC) Over $100,000,' Hedge Fund Founder Shares His Bullish Take
Cover image via www.youtube.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Read U.TODAY on
Google News

The founder of crypto hedge fund BlockTower Capital, Ari Paul, has expressed a bullish opinion, stating that Bitcoin could reach a price of $100,000 per coin by the end of 2024. Aware of the extreme optimism of his prognosis, Paul shared the arguments that had led him to think so.

Given the current macroeconomic climate, Bitcoin reaching its double all-time high, which would be just around $110,000, seems a plausible, though not easy, development. If financial markets turn on risk-on as they did in 2021, perhaps this target will even be conservative, Paul says.

Related
Former Ripple Director Explains Why XRP Didn't Take off Like Bitcoin (BTC)

Thus, according to the investor, the major trigger might be the influx of fiat money due to the growing offering of exposure to the crypto market from traditional financial institutions, such as Grayscale's GBTC trust.

Thin crypto ice

However, the investor also admits another development in the forecast, when markets are hit by a recession and the stock market folds by a third, then the base case scenario would be new lows for BTC, even below $12,000.

Related
Spot Bitcoin (BTC) ETF Application by Ark and 21 Shares Rejected by SEC

Nevertheless, according to Ari Paul's own statement, as for now, both he and BlockTower Capital are betting on Bitcoin growth and are long on it. In the meantime, BTC is trading at $23,400, at levels last seen in August 2022.

article image
About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.