Regulated Swiss bank Seba has predicted that the price of bitcoin could reach $75K this year. “Institutional money will probably drive the price up,” said the bank’s CEO.
Seba Bank CEO Guido Buehler shared his bank’s prediction on where the price of bitcoin is heading with CNBC at the Crypto Finance Conference in St. Moritz, Switzerland, on Wednesday. Seba Bank is a digital assets banking platform licensed by the Swiss Financial Market Supervisory Authority (FINMA).
Regarding the price of bitcoin this year, 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,” he noted.
When asked if his bank’s prediction refers to the price of bitcoin in 2022 and whether BTC will test some of the record highs seen last year, Buehler replied: “I think so, though volatility remains high.
The Seba Bank boss further explained that institutional investors will help boost the price of bitcoin in 2022. He opined:
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.
Last week, Galaxy Digital CEO Mike Novogratz said that his firm sees tremendous demand from institutional investors for cryptocurrency. A recent survey by Nickel Digital Asset Management found that institutional investors believe that more regulation will boost the price of cryptocurrencies.
Meanwhile, global investment bank Goldman Sachs predicted last week that the price of bitcoin could reach $100K as BTC continues to take gold’s market share as a store of value.