Block Chain

Bitcoin is Still on Track of Hitting $100K in the Long Term, OKCoin CEO says

Speaking on CNBC Capital Connection Wednesday, Hong Fang, the CEO of crypto alternate OKCoin, opined that Bitcoin reaching $100,000 wouldn’t be an issue in the long run.

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Fang acknowledged that point was of the essence in Bitcoin’s journey in the direction of $100K. She pointed out:

“I still believe that the $100,000 price point is reasonable, but the timing can be a bit elusive because we are at the mercy of market dynamics … so I think there’s a lot of elements playing out in the short term, but long term I still think that getting to $100,000 or even a higher price shouldn’t be a problem.” 

She added that the short-term dynamics needed to come up as a result of Bitcoin is competing with different belongings for capital in the crypto house. 

The psychological price of $100,000 has grow to be a perfect goal for numerous pundits, buyers, and merchants in the BTC market. For occasion, earlier this yr, El Salvador President Nayib Bukele disclosed his bullish forecasts that Bitcoin would breach the $100K stage in 2022. 

Bitcoin jumps as inflation will increase in the United States

Following the release of knowledge exhibiting that the US Consumer Price Index (CPI) reached 7% in December 2021, Bitcoin rose by roughly 3.1% to hit the $44,000 stage on January 12.

Therefore, exhibiting that inflation on American soil recorded the highest annual achieve since 1982. This reignited the inflation hedge argument about Bitcoin. 

Whenever inflation ranges go up in the United States, a development is being witnessed as a result of BTC price normally surges. For occasion, in November final yr, as the inflation charge reached a 30-year excessive of 6.2%, Bitcoin hit an all-time excessive (ATH) of over $68,000. 

The main cryptocurrency had retracted to the $43,805 stage throughout intraday buying and selling, in keeping with CoinMarketCap.

Image supply: Shutterstock

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