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Brock Pierce, one of the most affluent people in the crypto space, believes Bitcoin (BTC/USD) will surge past $100,000.00 (£74,195.50) and, perhaps, even notch $200,000.00 (£148,391.00) in 2022. He made this prediction during a recent interview with Fox Business. While Pierce believes BTC could tap the above price, he claims it would not maintain this level because it would likely correct downward.

In the interview, Pierce, who is also the Chairman of the Bitcoin Foundation, spoke about BTC’s performance over the past month, saying people like to speculate, claiming they have answers, but in truth, BTC’s market is volatile. According to him, BTC’s poor performance in December is a result of multiple events.

While many people claim the Omicron variant of COVID-19 is triggered and drove the current bear market, Pierce took a more technical approach, saying BTC’s price is down because the market has more sellers than buyers. He admitted that some investors injecting their funds in other cryptos is one of the reasons behind BTC’s poor performance.  

However, he believes other coins stealing some attention from BTC is vital for the market. Per pierce, altcoins are helping build on the Bitcoin idea. He pointed out that BTC is a digital store of value while Ethereum intends to create programmable contracts. With each project being different, Pierce believes the crypto space is like the internet of 1999.

Although he believes most projects will not survive, Pierce claims the crypto space will have several winners like how Amazon, Google, and eBay secured their places on the internet.

Speaking about crypto regulation, Pierce urged regulators and legislators to research the space and get well-acquainted with it before making propositions that might affect the US’ collective future. He said this in response to Senator Elizabeth Warren’s argument that although crypto claims to be a path to financial inclusion, BTC ownership is more concentrated than the dollar’s ownership.

While he believes BTC indeed fosters more financial inclusion, Pierce agreed that BTC ownership is concentrated because early adopters like himself have a lot of BTC wealth. He added that this is a viable concern because it interferes with creating a world in which wealth is broadly distributed.

Unlike other BTC proponents, Pierce agreed that BTC is a risk asset. According to him, BTC is a store of value but not an inflation hedge like gold and real estate. However, it has an interesting return profile than the above assets. Sharing what he believes will drive BTC beyond $100,000.00 (£74,195.50), Pierce said financial uncertainty in the broader financial system.

The post Brock Pierce predicts that Bitcoin will soar to $200K in 2022 appeared first on Invezz.

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