Bitcoin Could Reach $50,000 in 2020, Says Antoni Trenchev
Early on in the new year Nexo’s managing partner and co-founder, Antoni Trenchev, was once again on Bloomberg for an interview on the tremendous growth and transformative value of Bitcoin over the past decade, the recent developments in the blockchain space, and Nexo’s essential role in the future of banking.
Here are the key takeaways:
- Bitcoin has grown 9,000,000% since 2010 and could easily reach $50,000 by the end of 2020.
- The only historical analog close to the growth seen in Bitcoin over the past decade is the rise of the U.S. dollar against the Reichsmark in the 1920s when $1 went from being exchanged for 5 Reichsmarks to 4 billion Reichsmarks.
- Bitcoin has become ‘the new gold’ – a stable investment delivering systematic asymmetric returns, uncorrelated to the traditional markets.
- While the USA is hesitating around the adoption of Libra, China’s government is going full speed ahead with the incorporation of blockchain technology and the development of the digital yuan.
- This advancement from the Chinese government, together with the widespread adoption of crypto by the general public, could alter how banking is currently conducted and challenge the role of intermediary banks.
- Nexo’s Instant Crypto Credit Lines™ аnd Earn Interest product continue to provide a much-needed utility dimension for Bitcoin and many other digital assets, creating a bridge between the world of long-term investment and day-to-day spending.
Watch the Interview Here