‘Bitcoin (BTC) Over $100,000’ Hedge Fund Founder Shares Bullish Take

The founder of the crypto hedge fund BlockTower Capital, Ari Paul, has Express a bullish opinion, claiming that Bitcoin could reach a price of $100,000 a coin by the end of 2024. Aware of the extreme optimism of his prognosis, Paul shared the arguments that led him to think so.

Given the current macroeconomic climate, Bitcoin hitting its all-time double high, which would be around $110,000, seems a plausible development, but not an easy one. If financial markets turn to risk as they did in 2021, that target may even be conservative, Paul says.

Thus, according to the investor, the main trigger could be the influx of fiat currency due to the increasing supply of exposure to the crypto market by traditional financial institutions, such as Grayscale’s GBTC trust.

Thin crypto ice cream

However, the investor also admits another development in the forecast, when the markets are hit by a recession and the stock market pulls back by a third, then the base case scenario would be new lows for BTC, even below $12,000.

Nevertheless, according to Ari Paul’s own statement, for now, he and BlockTower Capital have been betting on the growth of Bitcoin and have been holding on to it for a long time. In the meantime, BTC is trading at $23,400, at levels last seen in August 2022.