CEO
CEO of digital asset management firm Matrixport, Wu Xing, believes Bitcoin is likely to surge past its all-time high this month, breeching the $50,000 mark.
The executive said that BTC, which is currently trading around $48,100, will not only reach the psychologically important milestone but that it has the potential to reach $60,000 if institutional investors continue to back the leading cryptocurrency.
The sentiment is corroborated by Bloomberg analyst, Mike McGlone, who believes the $50,000 price level could be breached by Wednesday due to institutional investor buying activity.
Xing said that investors should be aware of the risks involved in speculating on Bitcoin, adding that the digital asset remains highly volatile and unpredictable.
Xing also pointed to the growing number of institutional investors who are now entering the crypto space as a major driver of Bitcoin’s price. He believes institutional investors have had a major impact on the digital asset’s price due to their typically large buying and selling orders.
Xing concluded by reaffirming his bullish stance on Bitcoin, saying he believes it is only a matter of time before it tests a new all-time high.
