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According to the CEO of Swiss bank Seba, the price of Bitcoin could double to $75,000 this year as more institutional investors start to embrace the cryptocurrency.
“We believe prices are going up” Guido Buehler told CNBC at the Crypto Finance Conference in St. Moritz, Switzerland, on Wednesday.
“Our internal valuation models suggest the correct price is between $50,000 and $75,000.” the boss of the Swiss bank said. “I’m pretty confident we’ll see that price point.
After skyrocketing to an all-time high of $69,000 in November, bitcoin has seen a decline over the past few months and its price fell briefly below $40,000 on Monday, which means BTC is hovering around lows not seen since September.
When asked if bitcoin would test record levels last year, Buehler said he “think so” but he stressed that volatility will remain high.
Buehler said he thinks institutional investors will help drive the bitcoin price in 2022.
“Institutional money is likely to drive prices up,” he said.
But Pascal Gauthier, CEO of crypto wallet Ledger, told CNBC on Wednesday that there is a “retail investor trends” in bitcoins.
He said: “They believe in bitcoin more and more and it is these people that will drive the price higher.”
Before seeking regulatory approval, Buehler said Seba Bank had reviewed the technology powering cryptocurrencies and concluded that it would “redefining the financial industry”.