Diginex CEO Richard Byworth suggested that the Bitcoin price could go up to $ 175,000 by the end of the year. Byworth said the Bitcoin rally has just begun.
The CEO of Diginex, a digital asset service company listed on Nasdaq, was a guest at Bloomberg. CEO Richard Byworth argued that the economic situation in the US has a huge impact on the Bitcoin price.
Supply shortage is great
Byworth; He stated that reasons such as the Fed’s printing of money, the economy not growing, the unemployment rate, trillion dollar debt increased the demand for Bitcoin. This situation also creates a supply shortage for BTC.
Especially the entry of corporate companies into the field further increased the supply problem. According to Byworth; Bitcoin purchased by Microstrategy, Tesla, Square and Meitu companies accounts for 40% of BTC’s annual supply. It took only a few months for these companies to make large purchases.
“This is the first stage of the rally. Things will get even hotter. ”
Why 175 thousand dollars?
Diginex CEO stated that in the calculations they made as a company, the target of 175 thousand dollars is a suitable number according to the current course. According to him, corporate companies played a key role in this calculation. He also stated that some companies from hedge funds and bond markets have started to shift to the cryptocurrency space.
“People started asking: How can Bitcoin be a better store of value than gold?”
Referring to the circulating supply of bitcoin as 18.6 million, the CEO said, “We will probably see a record at the end of October.” said.