How bitcoin could hit $100K in 2024: Analyst . $$$$$$$$$$$$$ Bitcoin (BTC-USD) continues its massive rally after the cryptocurrency briefly reached a new record high above $69,000, touching back down to $67,000 today. Some analysts believe that bitcoin could reach a record benchmark of $100,000 by the end of 2024, but retail investors haven't come off the sideline yet.
Nexo Co-Founder Antoni Trenchev joins Yahoo Finance to discuss why he believes $100,000 is "in the cards" for the cryptocurrency and which subset of investors are responsible for the wild swings in bitcoin's value.
Tenchev defends his position: "In crypto, we care about purchasing power and sound money, so the inflation adjusted all time high is now at $79,000. And so we have a little bit yet to climb to reach that. If you permit me this joke, but I think what is most important here is that macroeconomic backdrop is perfect. Last time we were trading at those levels, interest rates closer to 0, now they're about 5%. You have to think about structurally who's holding bitcoin."