Diginex CEO Explains The Impact of Institutional Adoption on Bitcoin (BTC) • Coinexc

Diginex CEO Richard Byworth announced his expectations regarding the impact of institutional adoption on Bitcoin’s (BTC) price and supply.

In an interview with Bloomberg Markets and Finance, the head of the blockchain solutions firm said he expected an increase of over 212% on Bitcoin’s current price of $ 55,000.

“We’re thinking about $ 175,000 for Bitcoin’s price by the end of this year.”

The CEO said BTC could reach its price target in Q4 of 2021 based on the stock-to-flow ratio (S2F) dividing the quantity of a circulating commodity by the quantity removed per year.

“If you look at various aspects of stock flow, we are starting to face an interesting ratio in a stock as we already see 18.6 million Bitcoins being removed from 21 million supply. On a flow basis. And so we think we’ll probably see this peak by the second half of the year at the end of October. ”

Byworth adds that Bitcoin is currently experiencing a supply-side crisis as companies compete to acquire the leading crypto asset.

“You are starting to see corporate adoption to a very extreme degree. There are four companies; These four companies, MicroStrategy, Tesla, Square and, more recently, Meitu, bought 40% of the annual Bitcoin supply in just a few months. So we are really experiencing a supply-side crisis in Bitcoin. This is just the early stage of the rally. Things will get even hotter from here on. “

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