“I don’t know. On the other side, I’ll have a little fun and go as the $250,000 non-financial advice estimate,” says Marc Boiron, CEO of Polygon Labs, when asked about Bitcoin’s potential high for the year.
Speaking on Roundtable host Rob Nelson, Boiron explained why he sees long-term Bitcoin growth as inevitable, despite short-term market fluctuations.
“I think Bitcoin is the easiest financial asset to make a decision on in the world that most people just don’t understand,” he said.
Boiron broke down Bitcoin’s fundamentals in simple terms.
“You’ve got this one asset that has this fixed supply, and all you need to figure out is demand going to increase for this asset or not? It’s literally that simple,” Boiron explained.
He believes Bitcoin’s scarcity and growing demand will continue pushing its price upward over time.
“All I know is that over a long period of time, Bitcoin is going to go up because demand for Bitcoin is going to go up and that supply is not going to change,” he said.
Despite Bitcoin’s notorious volatility, Boiron sees less downside risk than usual due to current market conditions.
“With where the markets are headed, I think where regulations are headed in crypto, I think the downside feels pretty good. Not too much risk there compared to what crypto usually presents as risk,” he noted.
Cryptocurrency prices fell sharply on Feb. 21, erasing earlier gains following reports that crypto exchange Bybit was experiencing $1.5 billion in outflows, potentially due to a security incident.
Bitcoin (BTC) dropped to nearly $97,000, retreating from its earlier high near $100,000, while Ether (ETH) fell almost 4%, slipping below $2,700.
The sudden downturn triggered roughly $500 million in liquidations of leveraged derivatives positions, with the majority being longs betting on further price increases, according to CoinGlass data.
