- Bitcoin could hit $135,000 by year’s end, says BitGo CEO Mike Belshe.
- US debt, sanctions, and BRICS’ alternatives drive Bitcoin’s potential surge.
The CEO of digital asset custodian BitGo, Mike Belshe, has predicted a big increase in Bitcoin (BTC) for the next six months. Belshe predicted, in a recent interview with Kitco Crypto, that crypto would increase by up to 94% and hit a price range of $125,000 to $135,000 by the end of 2024.
CoinGecko data show that Bitcoin was valued at about $69,303.22, down 2.71% in the last day. It has been gaining by 2.50% for the last week.
Key Catalysts for Bitcoin’s Potential Surge
Belshe names a number of important reasons for this possible price increase. A big factor is the enormous US national debt. He said:
“We still have the macro climate background, which is constantly verifying the thesis of Bitcoin.”
And then, with Belshe speculating that Bitcoin may become the next gold, the persistent problems surrounding the unmanageable US debt support the case for its ascent.
Bitcoin to Top $125k by Year-End, Only 5% Institutional Money Is In, 'Get Off the Dollar' – Belshe https://t.co/MiFBNxCONd
— Kitco Crypto (@KitcoCrypto) June 6, 2024
The US dollar being weaponized and the emergence of economic blocs like the BRICS that are creating substitute payment systems are two more important factors.
“There is not another global reserve currency that looks super strong,” Belshe said, highlighting the BRICS countries progressively declining reliance on the dollar. Though still in their infancy, these initiatives should expand with time.
Impact of US SanctionsÂ
Also, Belshe emphasized how US sanctions affect the whole banking sector. He pointed out that the US signals to other countries that their dollar holdings may be at danger each time it imposes sanctions. This situation argues in favour of Bitcoin as a safer substitute for foreign exchange.
On the other hand, ETHNews has revealed that at the end of May, Bitcoin spot ETFs had a net inflow of $48.706 million, which was 13 days in a row of positive inflows.