On Saturday (28 January 2023), Ari Paul, Chief Investment Officer (CIO) and Managing Partner at crypto investment firm BlockTower Capital, shared his latest thoughts on Bitcoin.

BlockTower, a leading crypto hedge fund based in Stamford, Connecticut, was founded in August 2017 by Matthew Goetz, a former vice president at Goldman Sachs (where he spent eleven years), and Ari Paul, a former risk specialist and portfolio manager at the University of Chicago’s endowment investment office and a derivatives trader at Susquehanna International Group.

Yesterday, Paul, who like BlockTower has been long on Bitcoin for quite a while, told his over 222K Twitter followers that he expects that by the end of 2024, the price of Bitcoin will surpass $110,000, a significant increase from its current value of $23,000.

The BlockTower Capital CIO supports this prediction by looking back over the five-year period starting in 2017 and the current macroeconomic climate, which should bring in a significant influx of fiat currency from traditional financial products, much like the Grayscale Bitcoin Trust (GBTC) did in the past.

Paul acknowledges the potential risks involved in his prediction, including a general recession or a significant drop in the stock market. He believes that if such scenarios were to occur, Bitcoin could reach new lows, potentially falling below $12,000 by the end of 2024. Despite the potential risks, Paul still believes that his prediction is achievable and that $110,000 by the end of 2024 is a realistic but challenging goal.