2023-03-25 07:22:02 ET
Tether’s chief technology officer (CTO) Paolo Ardoino in an interview with CNBC said that Bitcoin could retest its all-time high amid the current banking crisis.
Bitcoin reached an all-time high above $69,000 on November 10, 2021, before embarking on a bearish trend that saw it test $15,000 towards the end of 2022. Bitcoin is currently on a recovery path buoyed by the ongoing traditional market crisis that has seen several banks including the Silicon Valley Bank in the US collapse .
Bitcoin decoupling from the traditional financial market
During the interview, Ardoino started by saying that “bitcoin is at this moment decoupling from the traditional financial markets.”
Ardoino continued to say:
“Given the geopolitical situation we are in, the banking industry situation we are in, I think people are getting scared. So when there are bank runs around the world, I think Bitcoin is the only asset that you can really hold yourself. You can hold in your hardware wallet and it is a hedge against everything that could happen or already happened in the past months or could happen in the future.”
BTC would require to gain about 151% to hit its all-time high, Ardoino believes that the “fear in the fear of the banking industry is driving the price at this moment.”
Bitcoin price forecast amid the banking crisis
Ardoino was however sceptical about the recent bet by venture capitalist and angel investor Balaji Srinivasan that Bitcoin will be worth $1 million in the next 90 days. Ardoino said:
“I know that there is a bet on Bitcoin that it could reach $1 million in 90 days. I’m kind of skeptical about that because, honestly, I wouldn’t even hope for that… Because if Bitcoin would reach such a high price level, it would mean that the entire economy will crumble. And I’m not sure it is the word that we want to live in.”
Tether’s CTO bitcoin forecast comes a few days after Goldman Sachs ranked Bitcoin as the top-performing asset and GlobalBlock (TSXV: BLOK) market analyst Marcus Sotiriou said that the recent bitcoin price surge was spurred by the US banking crisis .
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