According to Joe DiPasquale the role of Bitcoin in the Ukraine situation and his bullish outlook for the crypto markets in the coming months.
Despite the gloomy mood that has dominated the crypto markets since the beginning of the year, Bitbull Capital CEO Joe DiPasquale believes Bitcoin (BTC) will hit $100,000 in the next 24 months. “I believe 2023 is a good bet. “We might need some time in 2022 to catch our breath and let off some steam,” DiPasquale speculated.
“We’re reaching higher lows and even higher highs,” he added, referring to the price of Bitcoin in recent months.
Following the outbreak of a military war between Russia and Ukraine, Bitcoin has had a mixed reaction, initially plunging along with stocks but then rebounding significantly. Many people were asking if BTC could still be regarded a digital gold.
“We need to understand Bitcoin as a money that isn’t subject to the whims of a central bank, but rather has a very finite quantity,” DiPasquale said.
People are adopting cryptocurrencies to alleviate the effects of the financial turbulence on both sides of the war.
There are rising fears that the Russian aristocracy would attempt to circumvent Western sanctions by using cryptocurrencies. DiPasquale, like many other analysts in recent weeks, feels that bitcoin is unsuitable for that objective.
“Unlike cash, bitcoin is totally traceable,” he explained.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.