Bitcoin saw explosive growth over the last year and one crypto CEO thinks the digital asset could go even higher. Frank Speiser, CEO of Metafide, joined TheStreet to explain his bull case for the cryptocurrency.
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Full Video Transcript Below:
FRANK SPEISER: Yeah so I think right now the market is panic selling and sort of reacting to the macroeconomic trends. I think you might see bitcoin slide a little bit further. But as I've previously said I think the end of this year Bitcoin $150,000 is within reach. I think that within the next four years you could see Bitcoin between 4 and 500,000. Because there's only 3 to 5 million bitcoin transacting at any given time. And the market is modeling off of 21 million in circulation. So when you look at somebody coming in to set up a strategic reserve, for instance, that takes quite a bit of supply off the market and the market has to react to that. So just like you just saw an oversell based on economic news, the macroeconomic factors, I think what you could see is people exuberantly buying based on supply constraints. And I think that's just going to drive the price up.
CONWAY GITTENS: So is it just a supply gravy train dynamic that pushes bitcoin to these prices. Or there is something fundamental. And that's the thing I think that some people like to scratch their heads with. They know like when I buy a stock, I'm getting I'm getting a piece of a company, I'm getting a piece of their earnings, I'm getting a dividend. When I buy a bond, I'm getting a coupon, I'm getting an interest rate. When I'm buying bitcoin, when I'm buying Ethereum, what am I, what value am I actually getting to then understand where that value can can go?
FRANK SPEISER: Well, if I could back up a little bit. Bitcoin started off as a protest vote against the inflationary central bank policies. And and I think it served its purpose to to designate that people were skeptical of what was going on there. But what it's become is almost like a national strategic initiative for for countries to and large scale financial institutions to hedge against the performance of inflationary assets and to also allow people to settle in a currency that's not denominated in dollars. So when you look at it that way, if the United States moves forward and sets up a strategic reserve, then every other country has to react and gain a piece of the future money supply. So what you get is you get an ownership in the future money supply of a non-dollar asset where you can settle deals outside of the dollar, or you can perform transactions outside of the dollar, but you own a piece of that future economy. So I think from a strategic perspective, as an individual investor, it just makes sense to try to gain some of that.
