Bitcoin is Still on Track of Hitting $100K in the Long Term, OKCoin CEO says
Speaking on CNBC Capital Connection Wednesday, Hong Fang, the CEO of crypto exchange OKCoin, opined that Bitcoin reaching $100,000 would not be a problem in the long term.
Fang acknowledged that time was of the essence in Bitcoin’s journey towards $100K. She pointed out:
“I still believe that the $100,000 price point is reasonable, but the timing can be a bit elusive because we are at the mercy of market dynamics … so I think there’s a lot of elements playing out in the short term, but long term I still think that getting to $100,000 or even a higher price shouldn’t be a problem.”
She added that the short-term dynamics had to come up because Bitcoin is competing with other assets for capital in the crypto space.
The psychological price of $100,000 has become an ideal target for various pundits, investors, and traders in the BTC market. For instance, earlier this year, El Salvador President Nayib Bukele disclosed his bullish forecasts that Bitcoin would breach the $100K level in 2022.
Bitcoin jumps as inflation increases in the United States
Following the release of data showing that the US Consumer Price Index (CPI) reached 7% in December 2021, Bitcoin rose by approximately 3.1% to hit the $44,000 level on January 12.
Therefore, showing that inflation on American soil recorded the highest annual gain since 1982. This reignited the inflation hedge argument about Bitcoin.
Whenever inflation levels go up in the United States, a trend is being witnessed because BTC price usually surges. For instance, in November last year, as the inflation rate reached a 30-year high of 6.2%, Bitcoin hit an all-time high (ATH) of over $68,000.
The leading cryptocurrency had retracted to the $43,805 level during intraday trading, according to CoinMarketCap.