Nexo co-founder Antoni Trenchev predicts Bitcoin hitting $100K by mid-2022

In 2022, another attractive price projection for Bitcoin bulls has surfaced. In an interview with CNBC, co-founder and managing partner of Nexo Antoni Trenchev predicted that Bitcoin (BTC) might hit the $100,000 mark as soon as this summer.

Despite BTC’s unfavorable price action at the start of the year and the Fear & Greed Index indicating “severe fear,” the Bulgarian business magnate clarified: “Every time investors and the broader community write off Bitcoin, it outperforms tremendously. This was the case in 2020 when it rallied about 1,000%, and again in 2021, when it rallied 63%. I’m quite bullish on Bitcoin.”

Nexo has expertise from serving 2.5 million users across 200 jurisdictions as one of the world’s leading lending companies in the digital finance sector. It just became one of the first crypto lenders to allow consumers to borrow stablecoins, Ether (ETH), and other tokens using NFTs as collateral, competing with platforms like BlockFi and Celsius.

Institutional involvement will help Bitcoin cross $100K

While Nexo was established during the weak market of 2018, Trenchev believes that the access to “cheap money” and institutions stockpiling cryptocurrency will push Bitcoin above the $100,000 mark.

Fidelity Investments joined with Nexo last month to offer institutional investors crypto custodial services, lending services, and products. The founder of FTX, which recently listed the NEXO token, Sam Bankman-Fried, said on Monday that regulatory certainty would help in intensifying the institutional adoption.

Trenchev continued by noting, “Latin America is the poster child” for crypto use cases, a signal to more Bitcoin popularity in developing countries. “All of them (countries) could be potential candidates for adopting cryptocurrencies as legal tender,” he joked.

Notably, El Salvador president Nayib Bukele predicted that two countries would adopt Bitcoin as a legal tender in 2022. However, he did not particularly point any country out. TheCoinRise, as per the previous official announcements, mentioned Brazil and Zimbabwe as two countries that are exploring Bitcoin adoption as the legal tender.