Amid the ongoing woes in the broader banking industry, Ryan Selkis, the co-founder and chief executive officer of data analytics firm Messari, has given a whole new bullish projection on the future price of Bitcoin (BTC). Taking to his Twitter handle, Ryan said he expects the premier digital currency to touch a price of $100,000 within the next 12 months.
As one of the few vocal advocates of Bitcoin in the U.S. today, the rationale provided by Ryan for the massive price target is centered on the potential acquisition by institutions.
My rough prediction for the next twelve months:— Ryan Selkis 🥷 (@twobitidiot) March 17, 2023
1. More bank failures in the next couple of weeks.
2. Fed cuts / QE is back!
3. BTC climbs, sustained moderate inflation.
4. "Outside Money" / "Sound Money" -> $100k / BTC.
5. Institutions buy faster than Feds can shut down.
According to the crypto executive, Bitcoin can be regarded as sound money amid the devaluation of the U.S. Dollar. Based on this, he noted that corporate firms — like MicroStrategy — can join in the accumulation of the cryptocurrency faster than federal regulators can shut down the asset.
"This is an optimistic bet on the future, as BTC is treated as a life raft and peaceful exit option. But the key is threading the needle so institutions can buy it and defend it alongside of us. Best case scenario right now," he said in the tweet.
Ambitious push for Bitcoin
Bitcoin's price has been on a downward slope since it hit its all-time high (ATH) above $68,000 back in November 2021. While a very harsh crypto winter was ushered in last year that has lasted to date, Bitcoin is generally experiencing more resilience at this time.
The leading digital currency is currently trading at a price of $26,219.25, up 6.35% over the past 24 hours to lead a new market rally today. While Ryan's projection is a mile away from this current price level, more market leaders and pro-Bitcoin advocates have also given similar projections, placing more traders' interest in the future performance of the coin.