According to the Bitcoin Foundation Chairman, inflation and an insatiable appetite for fiat money printing by governments could cause Bitcoin to rise above the high-anticipated level of $100,000. Bitcoin will gain by at least 300% to break the six-digit barrier in 2022.
Brock Pierce, billionaire entrepreneur and one of cryptocurrency’s pioneer adopters, is projecting a bullish outlook for Bitcoin next year.
The Block.One co-founder believes that despite Bitcoin’s current struggles, the next twelve months could be pivotal in seeing the benchmark cryptocurrency pack fresh upside momentum.
But he’s not just thinking of BTC hitting a new all-time high above $69,000. He believes the market will break through the $100k barrier with external factors pushing it higher along the six-digit rail.
The prediction was made by the ex-US presidential candidate during an interviewFox Business.
Volatility can be exacerbated by inflation and financial uncertainty
Pierce believes that Bitcoin’s price could get some tailwinds from the never-ending urge to print more currencies. This is what Pierce considers to be the main driver of Bitcoin’s future price, and more than any growth in the wider crypto markets.
The entrepreneur says Bitcoin’s volatility is another factor, noting that the cryptocurrency largely doesn’t act as a “hedge per se.” He notes that unlike gold or real estate, the digital asset is more risk-on, but does excite for the one reason that it does offer huge returns.
He stated that Bitcoin prices could rise due to financial uncertainty and continued inflation.
“I would not be surprised if we saw a Bitcoin price next year over $100,000. It’s even conceivable that it can break $200,000 for a moment,” he noted.
This is why it’s possible that Bitcoin could experience a rally of 300% or more before cooling down.
Pierce’s sentiment mirrors several others who see 2022 as a year in which cryptocurrencies could yet see more gains. Many market and industry players have also touched on Pierce’s comments regarding the need for regulation in the crypto space, such as FTX CEO Sam BankmanFried and Cardano founder Charles Hoskinson.
Bitcoin trades at just over $48,000 as of this writing, up almost 1.5% on the daily but down about 5% over the past week.
BTC/USD has also fallen nearly 31% from its November peak at $69,044 The digital asset has outperformed US equity with more than 75% gains in 2021 compared to 28% for S&P 500 or 22% for Nasdaq.
