There have been all kinds of predictions about the price of Bitcoin these days and most of them are bullish, despite the recent market drop.
Future inflation is the catalyst for BTC’s price rise
Now, it’s been just revealed that executives at the crypto-focused venture firm Pantera Capital believe that future inflation will drive up the prices of Bitcoin and other cryptos.
The online publication the Daily Hodl revealed that in a new market report, Dan Morehead, Pantera’s CEO and co-chief investment officer, and Joey Krug, the firm’s other co-chief investment officer, talked about the Federal Reserve’s new policy of allowing inflation to support the labor market.
They said that this would trigger a new bull run for crypto.
“Assets such as gold which have not been impaired by the pandemic are rising even faster. Gold is at a 5,000-year high. Or, said another way, paper money is at an all-time low. However, the best performing assets are ones which have both fixed-supply and improved usage/fundamentals – like cryptocurrency. Cryptocurrency has out-performed most/all other asset classes this year,” according to the notes.
They continue and highlight that “We strongly believe we are in the early stages of a large bull market fueled by both a powerful global macro tide and growing fundamentals in the underlying technology.”
BTC price target
Morehead said that BTC would hit $115k, and this will be happening by the next summer according to what he had to say. On the other hand, they made sure to warn investors that we’re still talking about a really volatile market and BTC remains a “massive hype cycle roller coaster.”
Stay tuned for more predictions about the price of BTC.