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- Blockchain.com president Nic Cary is optimistic on Bitcoin.
- He explained his view in a recent interview with CNBC.
- Bitcoin is already up more than 60% versus the start of 2023.
Bitcoin is already up more than 60% versus the start of the year but the President of Blockchain.com says it’s not out of room to run just yet.
The bull case for Bitcoin
Nic Cary is convinced that the recent bank failures bode well for future prospects of the world’s largest cryptocurrency. In a recent CNBC interview, he said:
This maybe the moment we’ve been waiting for. Last three weeks have battle tested it [BTC]. We’re starting to see retail users get excited again and new institutional clients are knocking on our door.
Retail activity at Blockchain.com soared about 176% over the past ten days, he confirmed. Other reasons cited for the optimistic view include the central bank that’s added nearly $400 billion to its balance sheet this month.
Why else is he optimistic on BTC?
Higher rates, Cary added, are also contributing to putting an end to the so-called crypto winter.
Last week, the U.S. Federal Reserve opted to lift rates by another 25 basis points despite the ongoing banking crisis.
Crypto is cyclical. Usually, you have an okay year, an incredible year, a pretty bad year where thins correct and ten you have a year where it bubbles up again. We’re starting to see that trend play out.
The total supply of Bitcoin is scheduled to halve again in April of 2024 – an event that he expects will also be a positive catalyst for BTC.
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