Bitcoin's Price Will Hit $100K by Mid-Year, Nexo Founder Predicts

In an interview with CNBC on Monday, Antoni Trenchev, the co-founder and managing partner of Nexo, a prominent cryptocurrency lender, offered his bitcoin price forecast. He stated, "

I believe [bitcoin] will hit $100,000 this year, most likely around the middle of the year.

Nexo has provided over $6 billion in credit and administers the assets of over 2.5 million members throughout the world.

The CEO added that there are "two basic reasons" why he believes bitcoin's price will rise dramatically.

To begin with, he noted that businesses are increasingly storing bitcoin in their corporate coffers. Microstrategy, a Nasdaq-listed business, has purchased 124,391 BTC for its treasury.

Another reason is that Trenchev believes "cheap money" will persist, causing cryptocurrency values to rise. This year, the Federal Reserve is projected to boost interest rates many times. "The Fed is going to have to increase many more times than the market thinks," Wharton finance professor Jeremy Siegel recently warned.