Is Bitcoin (CRYPTO: BTC) going to buck the downtrend and resume its upward trajectory any time soon? Nexo's Antoni Trenchev thinks so.
"Everytime that investors in the broader community write off Bitcoin, it outperforms significantly," Trenchev said Sunday on CNBC International's "Street Signs."
Trenchev thinks Bitcoin can reach $100,000 by mid-2022. Institutional adoption is accelerating and companies are "quietly" adding Bitcoin to their balance sheets, according to Trenchev.
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He also pointed to macroeconomic conditions and suggested Bitcoin will become increasingly desirable as an inflation hedge in the place of gold.
"It is transforming from gold 1.0 to gold 2.0, which is Bitcoin and other cryptocurrencies," Trenchev said. "Arguably, the only truly scarce asset right now is Bitcoin."
When asked about the potential for other countries to adopt cryptocurrencies as legal tender, Trenchev pointed to Latin America.
"I think Latin America is a poster child for what you just described. You know, economies with some difficulties managing their own currencies and their respective central banks facing some challenges," he said.
All of the countries in Latin America are potential candidates for adopting cryptocurrencies as legal tender, according to Trenchev.
BTC Price Action: At time of publication, Bitcoin was down 5.92% at $43,105 over a 24-hour period.
Photo: EivindPedersen from Pixabay.
