The CEO of Bitcoin (BTC) mining giant Marathon Digital, Fred Thiel, is leaning bullish on the flagship crypto asset, believing it can more than double its value before 2025 expires.
In an interview on CNBC, Thiel says that Bitcoin could go up by over 100% from the current level before the end of the year.
“I think there’s a general consensus that the price of Bitcoin will move up this year to somewhere between $150,000 to $200,000 by the end of this year…
What you do see is anytime there’s any major selling of Bitcoin there are buyers who enter the market and keep the price in the range of somewhere between $95,000 to $100,000.
So I think there is still a big belief that Bitcoin will continue to go up in price. There’s still a lot of demand for the asset by not just retail but also institutional investors.”
Bitcoin is trading at $96,770 at time of writing
According to the Marathon Digital CEO, some of the catalysts that will drive the price of Bitcoin up include a friendlier regulatory environment and the embracement of the crypto king by both private and public entities.
“On the regulatory side in the US, you will see money center banks being able to custody crypto and lend against crypto. That will then drive corporations to begin putting Bitcoin on their balance sheets. And we’re not talking in large amounts, but 1% – 2% of their cash and/or liquid assets as an alternative to treasuries or just holding it in fiat.
And when you do that, that drives the price of Bitcoin up. There’s a limited amount of Bitcoin available unlike gold or unlike other types of precious commodities that can be extracted out of the ground.
There are 20 million Bitcoin in circulation today. There will only ever be 21 million Bitcoin available and so scarcity will drive the price up.
If then the US decides to go ahead with its plan to execute a Bitcoin Strategic Reserve, that will require about another one million Bitcoin to be put aside into a fund. And as other sovereigns then do the same thing, that will continue to drive the price up.”
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