The Chief Executive Officer of BitGo, a digital asset custodian, Mike Belshe, has a bullish outlook on Bitcoin (
BTC
), predicting a potential rally of up to 94% in the next six months.
In a recent interview with Kitco News, Belshe forecasted that Bitcoin could reach a price range of $125,000 to $135,000 by the end of the year. Currently, Bitcoin is trading at $69,470.
Belshe pointed to the high level of US national debt as a key factor that could drive Bitcoin to a six-figure price. He emphasized the macroeconomic environment that supports Bitcoin’s growth, stating that it is becoming increasingly clear that the US debt is unsustainable. This backdrop reinforces the narrative that Bitcoin is the digital equivalent of gold.
Additionally, Belshe highlighted other factors that could fuel Bitcoin’s rise, such as the weaponization of the US dollar and the development of alternative payment systems by economic blocs. He noted that there is currently no strong alternative global reserve currency and mentioned the efforts of BRICS countries to reduce their dependence on the dollar.
The ongoing US debt crisis, foreign policy decisions, and sanctions controls are all contributing to the erosion of the dollar’s dominance, according to Belshe. These factors, he believes, underscore the importance of Bitcoin as a hedge against traditional currencies.
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