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Bitcoin is Nonetheless on Observe of Hitting $100K within the Lengthy Time period, OKCoin CEO says

Written by James Smith

Talking on CNBC Capital Connection Wednesday, Hong Fang, the CEO of crypto alternate OKCoin, opined that Bitcoin reaching $100,000 wouldn’t be an issue in the long run. - 2022-01-13T180142.019.jpg

Fang acknowledged that point was of the essence in Bitcoin’s journey in direction of $100K. She pointed out:

“I nonetheless imagine that the $100,000 worth level is cheap, however the timing could be a bit elusive as a result of we’re on the mercy of market dynamics … so I feel there’s a variety of components taking part in out within the brief time period, however long run I nonetheless assume that attending to $100,000 or perhaps a larger worth shouldn’t be an issue.” 

She added that the short-term dynamics needed to come up as a result of Bitcoin is competing with different belongings for capital within the crypto house. 

The psychological worth of $100,000 has turn into a perfect goal for numerous pundits, traders, and merchants within the BTC market. As an illustration, earlier this yr, El Salvador President Nayib Bukele disclosed his bullish forecasts that Bitcoin would breach the $100K stage in 2022. 

Bitcoin jumps as inflation will increase in the US

Following the release of knowledge exhibiting that the US Client Value Index (CPI) reached 7% in December 2021, Bitcoin rose by roughly 3.1% to hit the $44,000 stage on January 12.

Due to this fact, exhibiting that inflation on American soil recorded the best annual achieve since 1982. This reignited the inflation hedge argument about Bitcoin. 

At any time when inflation ranges go up in the US, a development is being witnessed as a result of BTC price often surges. As an illustration, in November final yr, because the inflation charge reached a 30-year excessive of 6.2%, Bitcoin hit an all-time excessive (ATH) of over $68,000. 

The main cryptocurrency had retracted to the $43,805 stage throughout intraday buying and selling, in response to CoinMarketCap.

Picture supply: Shutterstock

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James Smith

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