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(Kitco News) – Bitcoin‘s price will reach $100,000 in 2023, and stocks and crypto will experience a “bull market” as European money flees to the United States, said Tone Vays, derivatives trader, crypto analyst, and conference organizer.
“I would be surprised if we’re not approaching that $100,000 [Bitcoin price] some time next year,” he said. “I think that there will be a lot of speculative money flowing into the equities market and into crypto markets.”
Vays claimed that “capital flows out of Europe” and into the United States could trigger Bitcoin‘s price increase. He also suggested that fear of missing out (FOMO) could motivate investors to purchase more Bitcoin.
“They missed their chance catching the low in 2018,” he said. “This is one more chance… if [investors] ever get an opportunity to buy Bitcoin again under $10,000, they will jump at it immediately.”
Vays spoke with Michelle Makori, Editor-in-Chief and Lead Anchor at Kitco News.
Bitcoin: A Unique Asset
Vays highlighted that Bitcoin cannot be confiscated and is “censorship resistant,” since the cryptocurrency is decentralized. He said that these unique attributes of Bitcoin would lead to more adoption.
“I see Bitcoin as the only decentralized cryptocurrency,” he said. “It is censorship resistant, and you can send it to anyone, anywhere.”
Vays pointed to recent examples of governments freezing or confiscating bank accounts for political reasons to argue that demand for Bitcoin will rise.
“We’re witnessing governments, central banks and regular banks freeze bank accounts,” he claimed. “This year alone, we’ve witnessed the West and the United States… confiscate wealth because people had a Russian passport… prior to that, Trudeau and Canada froze people’s bank accounts for a $20 donation for a political contribution… you can’t do that with Bitcoin.”
Bitcoin Price Support
Although Vays is forecasting a $100K price of Bitcoin, he said that the cryptocurrency could bottom to a $14,000 “support level” before reversing and reaching new highs. However, he cautioned that Bitcoin’s unpredictability makes determining a definite price support difficult.
“Because Bitcoin is so illiquid, it is a lot more difficult to identify a true support level,” he said. “There are no circuit breakers like we have in traditional markets, so whenever Bitcoin crashes, it tends to become very unpredictable… but I am looking at that $14,000 level.”
He added that he is “holding a cash position,” so that if Bitcoin drops to $14,000, he will buy more in anticipation of future gains.
To find out Tone Vays’s outlook on Ethereum, watch the video above.
Follow Michelle Makori on Twitter: @MichelleMakori
Follow Kitco News on Twitter: @KitcoNewsNOW
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