Tether CTO Paolo Ardoino is expressing bullish sentiment on Bitcoin (BTC) as the flagship crypto asset sits below $30,000.
Ardoino says in a new CNBC interview that Bitcoin could “easily retest” its all-time high of just over $69,000 reached in November 2021.
“I am optimistic given everything I have said in terms of geopolitical uncertainty…
I am bullish on Bitcoin. I think it can easily retest the all-time highs around $60,000+.”
Bitcoin, which is trading at $28,109 at the time of writing, would have to jump around 145% to recapture the record.
According to Tether’s CTO, the prevailing banking crisis is making a strong case for Bitcoin adoption.
“Bitcoin is right now, I think, disengaging from traditional financial markets. I think given the geopolitical situation that we find ourselves in, the banking industry situation that we find ourselves in, I think people are getting scared.
So when there are bank runs around the world, I think Bitcoin is the only asset that you can really have for yourself, you can have it in your hardware wallet.
And it is a protection against everything that could happen, or has already happened in the last months and could happen in the future”.
Despite being bullish on Bitcoin, Ardoino says he doubts that Bitcoin can reach $1 million in less than 90 days, as former Coinbase CTO Balaji Srinivasan bet last week.
“I know there is a bet on Bitcoin that it could hit $1 million in 90 days. I’m a little skeptical about it because honestly I wouldn’t even expect that.
Because if Bitcoin were to reach such a high price level, it would mean that the entire economy would collapse. And I’m not sure that’s the word we want to live by.”
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