Nansen Founder: Bitcoin Won't Fall Below $60K Again
Nansen's founder and CEO Alex Svanevik believes that Bitcoin will not drop below $60,000 again. He attributes this to the asset's role in protecting against money debasement, as well as its growing adoption by large investors and demand for digital assets.
In an interview, Svanevik stated that it's unlikely for Bitcoin to fall below $60,000 'forever.' He linked his stance to bitcoin's role as a hedge against central banks expanding the money supply. According to him, the global cycle of monetary expansion is unlikely to end anytime soon.
Svanevik also allowed for a much higher valuation of the first cryptocurrency, stating that Bitcoin at $1 million could quickly become the new normal if it reaches that level. He noted, 'It sounds crazy to say Bitcoin at $1M from our vantage point, but I'm sure it sounded crazy to say $100,000 in 2018.'