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November 29, 2022
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Bitcoin

Bitcoin to $75,000 this year with help from institutions

Guido Buehler of Seba Bank predicted that the price of bitcoin would be between $50,000 and $75,000 sometime this year.

According to Guido Buehler, CEO of Switzerland-based SEBA Bank, bitcoin will reach a new all-time high in 2022. The executive believes that institutional investments will be the main factor for such a price increase.

Additionally, the digital bank raised $120 million in a Series C funding round, co-led by DeFi Technologies and Alameda Research. The organization promised to use the funds to expand into new markets globally and increase product offerings.

during a interview A recent report to CNBC, Buehler, the head of banking platform SEBA Bank, said the dollar value of bitcoin could nearly double this year, according to his company’s estimates. Specifically, the institution predicted a price between $50,000 and $75,000:

“Our internal valuation models indicate a price now between $50,000 and $75,000. I’m pretty confident that we’re going to see that level. The issue is always timing.”

Buehler believes that the new all-time high for BTC will be a result of growing interest from institutional investors:

“Institutional money is likely to drive up the price.”

Pascal Gauthier, CEO of cryptocurrency wallet Ledger, opined similarly. In your opinion, investors nowadays trust bitcoin”more and more, and it is the people who will push the price up”.

Despite his optimistic forecast, Buehler believes that asset volatility will remain high in 2022. He explained that bitcoin has lost some ground since the beginning of the year as it is a risky asset. The 10-year U.S. Treasury yield soared in early 2022, which spurred the decline of many volatile financial products, as the main digital asset, concluded the head of SEBA Bank.

New SEBA Financing Round

Earlier this week, the Swiss firm closed a $120 million funding round led by prominent organizations in the blockchain space. These include DeFi Technologies and Alameda Research, while investment firms Altive, Ordway Selections and Summer Capital also participated.

SEBA Bank said it will channel the funds to solidify its presence in Hong Kong and Singapore. Furthermore, the company intends to expand into other markets such as the Middle East region and even establish a dedicated office in Abu Dhabi.

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