Bitcoin’s price could surge to a five-digit territory next year and even briefly touch $200,000 due to the global economic situation, asserted the co-founder of Block.One and former US presidential candidate – Brock Pierce.
He also believes regulations could help the cryptocurrency space but only if they are incorporated following thorough research.
Pierce is among the most popular individuals in the cryptocurrency space, with connections to several projects such as Block.One and Tether. He also tried his luck at the 2020 US Presidential elections to no avail and said earlier this year that bitcoin will peak at $100,000 by the end of it.
With less than 48 hours left until 2021 finishes and BTC trading well below $50,000, it’s safe to assume that this prediction will not come true. However, Pierce continues to be bullish on the primary cryptocurrency and its USD price movements.
In a recent interview with Fox Business, he outlined the current economic situation, in which governments print excessive amounts of fiat currency and the inflation increases dramatically, as the main reason why BTC could skyrocket next year.
“I will not be surprised if we saw a bitcoin price of over $100,000. It’s even conceivable that it could break $200,000 for a moment.”
He admitted that bitcoin is not a hedge against traditional financial assets perse as it’s more volatile and unregulated. Still, it attracts investors due to the possibilities of higher returns compared to gold and real estate.
Pierce also touched upon another hot topic in the crypto space in the past few years – regulations. More specifically, he addressed Senator Elizabeth Warren’s bashing comments on the industry but believes that she and her team need to do more research before heading down that road.
“I encourage her to continue to be informed. I’m glad that she has taken the time to learn. I’m glad that she has taken the time to form an opinion, but make sure you’ve got the right information before doing that.”
However, he agreed with Warren that the majority of the BTC wealth is distributed to a handful of people that went in early and noted that this has to change to further decentralize the asset.
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