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Switzerland-based crypto bank SEBA predicts that the world’s number one cryptocurrency, Bitcoin (BTC), can rise to as much as $75,000 this year.
Speaking with CNBC during at the Crypto Finance Conference in St. Moritz, Switzerland, on Wednesday, the bank’s Chief Executive Officer, Guido Buehler, said that “Institutional money will probably drive the price up.”
He said:
“We believe the price is going up. Our internal valuation model indicates 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.”
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SEBA Bank is a digital assets banking platform and holds a CISA license from the Swiss Financial Market Authority, or FINMA. The bank is focused on the offering of digital cryptocurrency assets and services include institutional-grade custodian services for nation-native collective investment schemes.
Buehler continued and noted that Bitcoin’s price upgrade in 2022 will likely be powered by institutions who are currently holding up waiting for regulatory clarity in multiple jurisdictions across the globe. The CEO said:
“Institutional money will probably drive the price up. We are working as a fully regulated bank at Seba. We have asset pools that are looking for the right time to invest.”
SEBA recently launched a gold token that can be delivered in physical form, on-demand, at any time from the firm’s partner refineries. The bank considers the token as a compliant stablecoin “backed by responsibly sourced gold”.
Last week, Goldman Sachs told its clients that Bitcoin could reach $100K as the asset continues to become a viable alternative to gold as a store of value.