Bitcoin to reach $100K by year-end: CoinShares CSO
In a recent interview with CNBC, Meltem Demirors, Chief Strategy Officer (CSO) of digital asset management firm CoinShares, said that Bitcoin price would likely hit $100,000 by the end of 2021.
A Bitcoin proponent, Meltem Demirors is also a member of the World Economic Forum’s (WEF) Cryptocurrency Division. She pointed out the possibility of the approval of a Bitcoin ETF and the reduction of investment risk as to the reason for her bullish prediction.
In terms of Bitcoin’s position, the number of open long positions has decreased, and more companies are making more bullish long calls. In fact, CoinShares data on September 27 revealed that cryptocurrency-related investment products and funds have been reporting inflows for the sixth consecutive week. She said:
“If we have a look at what’s occurred during the last six months since Bitcoin hit its earlier excessive of around $65,000. We noticed numerous danger coming off the desk. There was numerous leverage within the system… Proper now, we’re listening to rumblings round a possible Bitcoin ETF approval. That might be cashed-settled contract based mostly ETFs… That’s a giant catalyst for in This fall.”
More importantly, investors with large amounts of liquidity have been “seriously considering” incorporating Bitcoin into their portfolios, Demirors added.
The CSO remained rather optimistic over the recent crypto ban in China and said that China has banned Bitcoin in different ways since 2013, and each time the ban was barely completely different.
Demirors analyzed that the impact of this ban by China on the market was small. For instance, changes were seen in trading hours, from Asian time to Western time, and changes in trading pairs, from USDT/BTC to USD/BTC.
Several miners have moved their operations overseas as well, moving from China to countries such as Kazakhstan, Iceland, and others.
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OhNoCryptocurrency via https://www.ohnocrypto.com/ @Gauri Bhatia, @Khareem Sudlow