According to Seba, the CEO of a Swiss bank, Bitcoin’s value could almost double to $75,000 in 2017 as more institutional investors embrace the most popular cryptocurrency on the planet.
Guido Buehler stated that he believes the price will rise at the Crypto Finance Conference held in St. Moritz (Switzerland) on Wednesday.
The boss of the Swiss bank, which is regulated and focuses on cryptocurrency, stated that ‘our internal valuation models indicate an price right now between $50,000 to $75,000’. “I am quite certain we will see that level. Timing is everything.
Bitcoin’s value has fallen after it reached an all-time high of $69,000 in November. Its price fell below $40,000 Monday. This means that bitcoin is at a low point not seen since September.
Buehler was asked if bitcoin would surpass the record-breaking levels of last year. However, he said that he thinks so but stressed that volatility will continue to be high.
This week’s price drop was caused by rising Treasury yields and the possibility of higher central banks interest rates. Investors continued to sell risky, growth-oriented assets as a result.
According to Coin Metrics, Bitcoin dropped as much as 6% Monday and touched a low of $39771.91, At 5 a.m., it traded at $42,921.55. ET on Wednesday
After a week of poor trading, the cryptocurrency market has seen a decline. This was especially true for momentum stocks. Investors have begun to shift into more value and cyclical names as the U.S. Treasury 10-year yield spiked at 2022’s start. The 10-year U.S. Treasury yield rose to 1.8% Monday after closing at 1.5% in 2021.
Noelle Acheson from Genesis, head of market insight, said that bitcoin has behaved like a risk asset “on numerous occasions”
“When the market is jittery bitcoin falls. There are many signs that the market sentiment has been affected by the rise in the 10-year. This is bad news for any asset with high volatility cash flows. Bitcoin is liquid, unlike many other assets that have been contaminated by this brush and can therefore take more selling pressure without taking a big hit.
Buehler stated that he believes institutional investors will boost bitcoin’s price in 2022.
He stated that institutional money would likely drive up the price. “We work as a fully regulated banking institution. Asset pools are available that are ready to invest at the right time.
Buehler stated that Seba Bank had examined the technology behind cryptocurrency and determined that it was going to’redefine finance’ before seeking regulatory approval.
CNBC reported Wednesday that Bill Tai, a venture capitalist from California, said that the crypto market is experiencing a ‘yet other wobble’.
He said, “I don’t know when it will go back up but it’s coming back up,”
He said that cryptocurrency is at the core of institutional acceptance.