The CEO of Diginex says he expects the price of Btcoin to reach $175,000 before the end of the year. 

Diginex is “a digital assets financial services company focused on delivering a cryptocurrency and digital assets ecosystem offering innovative product and services that are compliant, fair and trusted.” The group “encompasses cryptocurrency exchange as well as an over-the-counter trading platform.” Diginex also “offers a front-to-back integrated trading platform Diginex Access, a securitization advisory service Diginex Capital, market leading hot and cold custodian Digivault and funds business Bletchley Park Asset Management.”

Speaking in an interview with Bloomberg on Monday, Diginex chief Richard Byworth said the exchange was modeling a massive price run for bitcoin by the end of 2021.

He said: 

“We are modeling out about $175,000 for the price of bitcoin by the end of this year.”

Byworth added his model predicted the bull cycle was still in its early stages, saying “things are going to get a lot more heated from here.” The executive cited frustration with the Federal Reserve’s money-printing tactics as a catalyst for crypto-asset prices, saying the tactic was pushing investors towards bitcoin. 

Byworth also pointed to bitcoin’s limited supply induced by May 2020’s block-reward halving, in addition to increased participation by institutional investors. 

He said: 

“We are starting to see institutional adoption to a degree that is so extreme, that you’ve got four companies – MicroStrategy, Tesla, Square and now recently Meitu – owning 40% of bitcoin’s annual supply in just a few months.”

The Diginex chief also pushed back on the notion that bitcoin and other blockchain projects allowed for potentially troublesome anonymity, saying “bitcoin isn’t anonymous, and can be tracked very very easily.”

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