Martin Fröhler, CEO of blockchain-based trading platform Morpher, has revealed he believes the price of bitcoin will surge to surpass $160,000 by the end of this year while responding to a survey.

Finder surveyed 42 cryptocurrency experts on a number of issues associated with the industry, and out of them, Fröhler was the most bullish one with his $160,000 price prediction. Behind his bullish prediction were numerous factors including increasing institutional adoption and loose monetary policy from central banks.

Fröhler said in a statement:

Adoption by corporations and institutional investors paired with a loose monetary policy and high asset inflation will propel Bitcoin to 6 figures before the end of this year.

The CEO added that the next halving cycle will see an increasing number of developing countries adopt the flagship cryptocurrency as legal tender and that until 2030 BTC will have replaced gold as a global reserve asset.

As reported, a proposed bill to make bitcoin legal tender in the small Central American nation of El Salvador was passed early last month when out of 84 Legislative Assembly members 62 voted in favor of it.

That same survey also saw Thomson Reuters technologist and futurist Joseph Raczynski, and Arcane Crypto analyst Vetle Lunde respond. Raczynski gave a $75,000 price prediction by year-end, while Lunde pointed to $120,000. Both attributed their predictions to the move toward the institutionalization of the space.

In a statement, Lunde said:

We’re standing in the midst of the institutionalization of Bitcoin. More funds are joining the space, the first country has adopted Bitcoin as legal tender, and we have several exchange-listed companies now owning Bitcoin. I believe this trend will continue onwards.

Other experts were notably not as bullish. University of Canberra senior lecturer John Hawkins predicted the price of bitcoin would drop to $20,000 as he believes more countries adopting BTC as legal tender could negatively affect its price if they drop it as soon as it plunges.

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

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