According to Guido Buehler – Chief Executive Officer of the Swiss-based SEBA Bank – bitcoin will reach a new all-time high in 2022. The exec believes institutional investments will be the main factor for such a price surge.
Additionally, the digital bank raised $120 million in a Series C funding round co-led by DeFi Technologies and Alameda Research. The organization vowed to use the funds to expand into new markets globally and increase the product offerings.
BTC to Touch $75K in 2022
During a recent interview for CNBC, Buehler – the man in charge of the Switzerland-based banking platform SEBA Bank – said bitcoin’s USD value could nearly double this year, according to his company’s estimations. Specifically, the institution envisioned a price tag between $50,000 and $75,000:
“Our internal valuation models indicate a price right now between $50,000 and $75,000. I’m quite confident we are going to see that level. The question is always timing.”
Buehler believes BTC’s new all-time high will be a result of the growing interest from institutional investors:
“Institutional money will probably drive the price up.”
Pascal Gauthier – CEO of crypto wallet Ledger – opined similarly. In his view, investors nowadays trust bitcoin “more and more, and it’s the people that will push the price up.”
Despite his bullish forecast, Buehler believes the asset’s volatility will remain high during 2022. He explained that bitcoin had lost some ground since the beginning of the year because it is a risk asset. The 10-year US Treasury yield spiked at the start of 2022, which propelled the decrease of many volatile financial products such as the primary digital asset, SEBA Bank’s boss concluded.
SEBA’s New Funding Round
Earlier this week, the Swiss company closed a $120 million financing round led by prominent organizations from the blockchain space. These include DeFi Technologies and Alameda Research, while investment firms Altive, Ordway Selections, and Summer Capital were also participants.
SEBA Bank said it will channel the funds to solidify its presence in Hong Kong and Singapore. Furthermore, the company aims to expand to other markets such as the Middle East region and even establish a dedicated office in Abu Dhabi.
“This funding will allow us to further develop our digital asset banking platform and strengthen our presence in markets across the globe by attracting new talent,” Buehler commented on the initiative.
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 25% off trading fees.
Credit: Source link
