Founder and CEO of analytics firm Messari, Ryan Selkis, forecast that Bitcoin would rise to $100 000 within 12 months.
My rough prediction for the next twelve months:
1. More bank failures in the next couple of weeks.
2. Fed cuts / QE is back!
3. BTC climbs, sustained moderate inflation.
4. “Outside Money” / “Sound Money” -> $100k / BTC.
5. Institutions buy faster than Feds can shut down.Game.
— Ryan Selkis ? (@twobitidiot) March 17, 2023
In his view, Bitcoin is a safe bet amid problems in the US economy. Selkis added that institutions are accumulating coins faster than federal regulators can intervene in the digital asset sector.
This is an optimistic bet on the future, as BTC is treated as a life raft and peaceful exit option.
But the key is threading the needle so institutions can buy it and defend it alongside of us.
Best case scenario right now.
— Ryan Selkis ? (@twobitidiot) March 17, 2023
“This is an optimistic bet on the future, as Bitcoin is treated as a lifeboat and a peaceful exit option. But the core idea is to thread the needle — i.e., to give institutions the ability to buy and defend the asset alongside us,” he explained.
Amid the closure of crypto-friendly banks SVB and Signature Bank, Messari’s head noted that the authorities’ quantitative-easing policy is gaining momentum.
In August 2022, Selkis criticized the U.S. Securities and Exchange Commission for denying the conversion of Grayscale Investments’ Bitcoin Trust into an exchange-traded fund. In his view, the regulator’s chairman Gary Gensler “does not care about investor protection, facilitating capital formation, or ensuring fairness in markets.”
Back in March 2023, Galaxy Digital’s Mike Novogratz stated that now was the best time to buy Bitcoin as a hedge against economic problems.