Binance CEO Makes ‘Modest’ $2 Trillion Bitcoin Forecast
Bitcoin and cryptocurrency prices have faltered in the face of coronavirus-induced economic turmoil. Bitcoin has failed to act as a so-called safe-haven asset, falling in line with the broader market, with the bitcoin price down some 30% over the last month despite recent rallies.
Now, amid plans for the U.S. Federal Reserve and central banks around the world to pump unprecedented levels of freshly-printed cash into the system, bitcoin bulls are eyeing $100,000 per bitcoin—something that would give bitcoin an eye-watering market capitalization of $2 trillion.
“As we get used to talk about trillions, a modest $2 trillion market cap of bitcoin will put one bitcoin at $100,000,” the chief executive of the world’s largest bitcoin and crypto exchange Binanace, Changpeng Zhao, said via Twitter, adding it’s “not such a hard to imagine number now, right?”
This week, the U.S. Senate passed a $2 trillion emergency relief package to try to offset the economic devastation wrought by the coronavirus pandemic, marking the biggest rescue deal of its kind in U.S. history.
The massive coronavirus stimulus package, designed to help people and businesses through a shut down sparked by the COVID-19 crisis, has overcome last-minute Democrat opposition to pass through the Senate.
The bill will now move to the House of Representatives before U.S. president Donald Trump is able to sign it into law. It’s thought the relief bill will see most Americans receive a check of up to $1,200.
The emergency stimulus measures, which markets had cheered earlier this week, have had a limited effect on investor confidence, however, with markets around the world struggling ahead of the U.S. open.
Much of bitcoin supporters’ bullishness comes from the looming May bitcoin halving event, which will see the number of bitcoin rewarded to so-called bitcoin miners cut by half.
“A growing consensus within the community is that, following the U.S. Fed’s announcement of unlimited quantitative easing, investors are looking to bitcoin as an inflation hedge against a depreciating dollar,” said Simon Peters, market analyst at brokerage eToro. “Coupled with the upcoming halving in May, we could see some really positive moves over the medium to long term.”
This cut to the supply of fresh bitcoin coming onto the market puts bitcoin in sharp contrast with the fiat currency world.
“Generally, sentiment still seems rather strong. People are cautiously thinking that China is out of the woods, and the halving is still approaching,” said Richard Rosenblum, co-head of trading at algorithmic digital assets trading and market maker GSR.
This article originally appeared on forbes.com To read the full article and see the images, click here.
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