Crypto boost: Blockchains tipped to plunge dollar, pound and yen into irrelevance | City & Business | Finance

Bitcoin was backed by the bank’s CEO to reach an all-time high in 2022 after beginning the year with ups and downs. The cryptocurrency could hit $75,000 (£54,581) over the next 12 months as more institutional investors embrace it, said Guido Buehler of Seba Bank in Switzerland, surpassing an all-time high of $69,000 (£50,000). ), hit in November of last year. Mr. Buehler said: “Our internal valuation models are pointing to a price now between $50,000 and $75,000. I’m pretty confident we’ll see that level.

“The question is always timing. Institutional funds will likely drive the price higher. We operate as a fully regulated bank. We have asset pools looking for the right time to invest.”

Opinions on bitcoin have long been divided – some believe it is a revolutionary way to change how the global economy works, but others criticize the unregulated and unpredictable nature of cryptocurrencies.

Professor Carol Alexander from the University of Sussex believes that other cryptocurrencies will make currencies such as the dollar, pound and yen less important. told that Ether, DOT, ADA and SOL, which are traded on the Ethereum, Polkadot, Cardano, and Solana blockchains respectively, are the future.

Professor Alexander said: “Ether, DOT, ADA and SOL will become really important commodities because you will need them to put things on the blockchain.

“It’s going to be the currencies of the future in a way. Maybe decades from now, it’s going to be the currencies.

“That’s very far into the future, but the pound, the dollar, and the yen will no longer have the importance of blockchain currencies, which will be international.

“The global economy is going to be powered by blockchain, not countries. That’s where I see it ending.”

On why Bitcoin failed, she added: “Web 3.0 exists now, and it is growing. Bitcoin is a blockchain that cannot afford smart contracts. It was a joke from the start.

Read More: Ethereum Boost: Ether’s ‘Coin of the Future’

Goldman Sachs said last week that Bitcoin could reach a historic value of $100,000 (£74,000) this year as it continues to take market share from gold.

Wall Street analysts estimate that the market value of Bitcoin is just under $700 billion (£516 billion).

The bank added that while Bitcoin’s consumption of natural resources may be an impediment to institutional adoption, this will not hurt demand for the asset.