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During her interview with CNBC's Squawk Box show, president and founder of the Digital Chamber of Commerce Perianne Boring stated that 30-50% volatility on the crypto market is normal, and the Bitcoin network remains strong in its fundamentals.
She has also cited multiple models that show Bitcoin hitting between $50,000 and $100,000 this year.
"Bitcoin fundamentals are strong as ever"
Speaking to host Joe Kernen, who mentioned that Bitcoin has so far failed to become a currency due to its high volatility, the head of the Digital Chamber of Commerce assured him that the current Bitcoin decline is normal.
According to her, 30-50% volatility in the crypto market is normal; therefore, the market is behaving as expected. She also assured viewers that the fundamentals of the Bitcoin network are "as strong as ever" – the network is growing faster than the Internet in the late 90s and early 2000s, and the hashrate has hit an all-time high. Now, there is $32 million worth of Bitcoin being minted on a daily basis as more nodes are joining the network due to high incentives.
During the discussion, Joe Kernen praised Bitcoin for being immensely up even now at $33,000, despite that level being 50% down from the recent all-time high above $68,000.
"Volatility is not necessarily a bad thing. It's normal to see 30-50% volatility in the #crypto markets in any given month. The markets are behaving just as expected ... the fundamentals of the network are as strong as ever," says @DigitalChamber founder @PerianneDC #bitcoin #btc pic.twitter.com/iUPMIHC1Nh
— Squawk Box (@SquawkCNBC) January 24, 2022
Multiple investor models show Bitcoin between $50K and $100,000
Another question the host asked is whether Bitcoin can make a round trip to the $8,000 level now that it has crashed to $33,500 already.
Boring stated that according to a number of models that professional crypto investors use, BTC is undervalued, and all these models project the Bitcoin price between $50,000 and $100,000.
More than 90% of these models are correlated, according to Perianne Boring. In 2021, she predicted that BTC might reach a whopping $288,000 by the end of that year.
"There's a number of models that professional #crypto investors are using today. Today they're all between $50,000-$100,000 per #bitcoin. These models are over 90% correlated and what they're telling us is that bitcoin is undervalued," says @DigitalChamber CEO @PerianneDC pic.twitter.com/7fgNkPHA7H
— Squawk Box (@SquawkCNBC) January 24, 2022
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