2 November 2024
Bitcoin will rise to $175K By End of 2021: Diginex CEO
Richard Byworth- CEO of Nasdaq-listed cryptocurrency exchange Diginex, anticipates the price of Bitcoin will triple in value before 2022.
Diginex is a digital assets financial services company focusing on delivering a cryptocurrency and digital assets ecosystem that offers innovative product and services. The group also manages cryptocurrency exchange EQUOS.io and an over-the-counter trading platform.
Besides this, Diginex offers a front-to-back integrated trading platform Diginex Access, a securitization advisory service Diginex Capital, a market-leading hot and cold custodian Digivault and funds business Bletchley Park Asset Management.
During an interview with Bloomberg, Diginex chief Richard Byworth stated that “We are modelling out about $175,000 for the price of bitcoin by the end of 2021”.
Byworth also said that his model is still in its early stages, and “things are going to get a lot more heated from here.
According to the CEO, the Federal Reserve’s money-printing tactics is pushing investors towards bitcoin. The top cryptocurrency is already facing a supply crisis due to the miners’ reward halving in May 2020, and investors’ increased participation.
On this, Byworth stated that, We are starting to see institutional adoption to the degree that is so extreme, that you’ve got four companies – MicroStrategy, Tesla, Square and now recently Meitu – owning 40% of bitcoin’s annual supply in just a few months.”
When asked about regulators’ concerns about the blockchain technology’s anonymity factor,” Byworth affirmed that “bitcoin isn’t anonymous, and can be tracked very very easily.”
While writing, Bitcoin was near $57,940 and had reached an all-time high of $61,556.59 on Saturday- CoinDesk reports.
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