Bobby Ong, CoinGecko’s chief operating officer believes Bitcoin price is set to hit $100K and beyond by the end of this year. The number one digital asset recently hit an all-time high price of $61,711.87 and has a market cap of above $1 trillion. The $100K price tag on BTC is inevitable, and it’s a matter of when.
CoinGecko is one of the world’s leading crypto-data aggregators. For over seven years, the Kuala Lumpur-based firm has its eyes fixed on tracking and capitalizing on cryptocurrency markets. Millions of crypto enthusiasts and traders depend on the platform in making a fundamental decision on the markets. This places the firm in a better position to tell the future of Bitcoin and the entire crypto space.
In an interview with The Street, Bobby Ong, CoinGecko’s COO, cited that the increasing interest of traditional institutions will most likely push the price of Bitcoin to over $100,000 by the end of this year.
According to Bobby, Tesla and MicroStrategy’s involvement has opened the way for most institutions to show great interest in Bitcoin and other digital assets. He believes that the much-awaited Coinbase IPO will boost investors’ confidence in BTC and drive the cryptocurrency demand.
Bobby further said the money printing appetite would propel investors to look for alternatives like BTC and ETH in fear of the global monetary system collapse. According to the COO, the dominant digital asset is the reserve to crypto-assets; therefore, digital assets are somehow pegged to BTC.
When asked which digital currencies he thinks are worth paying attention to in the current market situation, Bobby advised newbies to consider ETH and BTC as a gateway to crypto. He thinks DeFi or decentralized finance projects hold a bright future for those who have in-depth knowledge of crypto.
Bobby also thinks Non-fungible Tokens, popular know as NFTs, a trend taking the crypto industry by a storm, has a gleaming future and will take crypto to great lengths. He deems that NFTs will boost the creative world and change the identification, supply chain, and gaming dynamics.
The COO is concerned that most enthusiasts are not keen on the risks of the cryptocurrency space. According to Bobby, they are blindly jumping into crypto following the increased interest from institutions. He encouraged newbies to be keen on the risks involved in the involvement of smart contracts.