Opinion: Bitcoin price could reach $400,000 this year

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Quantum Fintech Group founder and managing partner Harry Yeh said in an interview with Bloomberg that the cryptocurrency market is on the eve of a super-growth cycle. According to Ye, in the near future, digital assets can rise in price due to the mass adoption and use of stablecoins, writes RBC Crypto.

This year, Bitcoin will continue to grow and may reach $400,000 (an increase of almost 900% from current levels), predicted the founder of Quantum Fintech. In his opinion, the Fed will continue to print money, and under these conditions, investors will use bitcoin as a hedge against inflation.

On January 19, Bitcoin is trading at $42.2 thousand. Over the month, the cryptocurrency has fallen in price by 10%, and its capitalization has decreased to $800 billion, according to CoinGecko. On January 10, the price of the asset fell below $40,000 for the first time since September. Last November, Bitcoin hit an all-time high above $69,000.

Also, the founder of Quantum Fintech believes that the crypto market is at the very beginning of its journey and it has great prospects for growth.

“The current situation is very similar to the 2017 bull market. We are definitely in the middle of a bull market, but it is becoming more unique than the previous growth cycle due to the massive use of stablecoins,” said Ye.

At the end of 2021, Harry Ye stated that the main reason for the growth of Bitcoin is the depreciation of the US dollar. According to Ye, the US currency is depreciating due to the policy of the Fed and the printing of new money.

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