Midas Touch Director ‘Pretty Sure’ Bitcoin to Trade at $ 100,000

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Florian Grummes, managing director of financial advisory firm Midas Touch Consulting, revealed he’s pretty sure the price of bitcoin is expected to hit $ 100,000 in the near future while still maintaining a price target he s ‘was set in August.

In an interview with Kitco News, Grummes noted that it is currently difficult to forecast the price of bitcoin, but maintained his $ 100,000 forecast made in August. At the time, Grummes warned that the cryptocurrency would experience a period that could see it drop to $ 25,000 before recovering.

As Finbold reports, Grummes noted that the market is currently in a state of panic that will see the price of bitcoin rise as soon as it is finished. The market, he said, is in a state of panic due to the recent all-out cryptocurrency crackdown in China that saw the People’s Bank of China declare all cryptocurrency transactions illegal.

Grummes cited the activity of the central rear as one of the potential catalysts that will take BTC to six-figure territory, as he believes central bankers’ panic will increase their balance sheets even more dramatically. He added:

I think for everyone inflation is unstoppable now and you have to use whatever you have in durable assets, and that just means precious metals. Once this correction was completed in Bitcoin, I’m pretty sure we were going to see $ 100,000.

According to the director, once people notice central banks becoming a financial risk, they can turn to bitcoin, which could push up the price of cryptocurrencies.

In August, Grummes added that if BTC succeeded in hitting the $ 100,000 mark, he expected the cryptocurrency to enter a historic trend in which it could potentially rise even further as investors attempt to break down. ‘expose to cryptocurrency. However, it can also experience sales of up to 70%. By then, bitcoin volatility is expected to be significantly lower than it is now, he suggested.

Addressing the potential reasons for China’s ban, the director said he believed the Chinese government was cracking down on money flowing out of the country, noting that the government was trying to fully control its financial sector.

As CryptoGlobe reported Bobby Lee, a cryptocurrency industry veteran who co-founded the BTCC exchange and is the brother of Litecoin creator Charlie Lee, revealed in an interview that he expects bitcoin to witness a year-end fear of running out (FOMO) rally that will take its price above the $ 100,000 mark.

Adam Back, the CEO of blockchain technology company Blockstream and the third person to own bitcoin, also suggested that BTC hitting $ 100,000 this year is very possible, before saying that in the long run, hitting the top. $ 500,000 mark is feasible.

DISCLAIMER

The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading crypto-assets carries a risk of financial loss.

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