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Bitcoin could rise to $75,000 this year to top record high: Seba CEO


Bitcoin’s value exceeded $66,895 for the first-ever time in historical records in October.

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Bitcoin’sAccording to Seba, the CEO of a Swiss bank Seba, the price could almost double to $75,000 in 2017 as institutional investors begin to adopt the most widely used cryptocurrency.

Guido Buehler stated that “we believe the price will go up” to CNBC’s Arjun Khanpal on Wednesday at the Crypto Finance Conference held in St. Moritz (Switzerland).

The boss of the Swiss bank, which focuses on cryptocurrency, stated that “our internal valuation models indicate an price right now between $50,000 to $75,000.” “I am quite certain we will see that level. Timing is everything.

Bitcoin’s value has fallen since November when it reached an all-time high of $69,000. price briefly tumbled below $40,000On Monday it hovers near the lowest level since September.

Buehler was asked if bitcoin would surpass the records set last year. However, he said that he thinks so but stressed that volatility will continue to be high.

This week’s price fall came as rising Treasury yields — and the prospect of higher central bank interest rates — continued to lead investors to shed positions in risky, growth-oriented assets.

Bitcoin fell as much as 6% Monday to touch a low of $39,771.91, according to Coin Metrics. Around 5 AM, the price was $42,921.55. ET Wednesday  

After a rough week for equity, especially momentum stocks, there have been declines in the cryptocurrency market. Investors have begun to shift into value and cyclical names as the U.S. Treasury 10-year yield spiked in the beginning of 2022. The 10-year U.S. Treasury yield rose to 1.8% Monday after closing at 1.5% in 2021.

We’ve witnessed bitcoin act like a risky asset many times over the last few months.” said Noelle Acheson, head of market insights at Genesis.

The bitcoin price plummets when markets get jittery. We’ve seen various indications that market sentiment is somewhat spooked by the spike in the 10-year — that’s not good for any asset that has high volatility in cash flows. Bitcoin, which is unlike many assets affected by the same brush, can withstand more selling pressure and not take a huge hit.

Institutional Investors

Buehler indicated that institutional investors are expected to help boost Bitcoin’s value in 2022.

He stated that “institutional money” will most likely increase the cost of goods and services. We are fully regulated banks. Our asset pools have been curated to help you find the perfect time to invest.

CNBC’s Pascal Gauthier told CNBC Wednesday, however, that bitcoin is currently in a “retail” trend.

He said that bitcoin is being trusted more than ever and people will drive the price higher.

Buehler stated that Seba Bank had examined the technology behind cryptocurrency and determined that it would “redefine finance” before seeking approval from regulators.

CNBC reported Wednesday that Bill Tai, a venture capitalist from California, said CNBC that the cryptocurrency market is experiencing “yet more wobbles”.

He said, “I don’t know when it’s going back up but it’s going back up.”

He stated that institutional acceptance is the key to cryptocurrencies.

— Additional reporting by CNBC’s Tanaya Macheel.