Nic Carter, founding partner of Castle Island Ventures and co-founder of Coin Metrics, maintains his prediction that Bitcoin (BTC) will reach six figures this year, citing a looming debt crisis as a key factor. Despite the recent market pullback, Carter believes that Bitcoin could reach $100,000 by 2024.
“At the beginning of the year, Bitcoin was trading around $30,000 to $40,000. I had forecasted that it could reach $80,000 at some point this year, and we came very close to hitting that recently. So, $100,000 is definitely not out of the question for this year,” Carter said in a recent interview with Kitco News.
When asked if $100,000 remains his price target for 2024, Carter responded affirmatively, stating, “Oh yeah, undeniably. And as we look ahead to the next two or three years, I’m very optimistic about the price. I believe that the Bitcoin thesis has been validated, especially with the SEC’s approval of the ETF. We are now seeing other jurisdictions approving ETFs as well, with Hong Kong being a fast follower.”
Carter highlighted several reasons to be bullish about Bitcoin’s future. He mentioned that the Bitcoin network is advancing through emerging layer-2 projects, which could potentially bring it to technological parity with Ethereum. He also emphasized that Bitcoin could serve as a safe haven for investors amidst rising national debts and high inflation.
“Bitcoin has distinguished itself from the rest of the crypto market. The emergence of new layer-2 networks on Bitcoin is very exciting and allows it to keep up with Ethereum in terms of technology. The Bitcoin network itself is continuously being upgraded,” Carter explained.
He added, “Furthermore, there is a debt crisis looming for developed nations, particularly the US. I believe we will face monetary repression, yield curve control, high and variable inflation, and people will seek safe havens and alternative asset classes. Bitcoin has now been recognized as an asset class on its own, with efficient tools for accessing it in the US. This fundamental trend remains unchanged, regardless of short-term fluctuations related to the halving.”
At the time of writing, Bitcoin is trading at $62,691, reflecting a decrease of over 5% in the last 24 hours.
Please note that the opinions expressed in this article are not investment advice. Investors should conduct their own research and exercise caution when investing in Bitcoin, cryptocurrencies, or digital assets. Transfers and trades are done at the individual’s own risk, and any losses incurred are the individual’s responsibility. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, and it is not an investment advisor.
