Joe DiPasquale, CEO of Bitbull Capital, believes Bitcoin (BTC), despite bearish sentiment dominating crypto markets since the beginning of the year is on track to surpass $100 million within the next 24 month. “I believe 2023 is a safe investment. “We might need to take a deep breath during 2022 and let some steam out,” DiPasquale stated.
He said, “We are reaching higher bottoms and even higher tops,” commenting on Bitcoin’s price movements in the past few months.
Bitcoin’s reaction to the outbreak of a military conflict between Russia, Ukraine and China was mixed. It fell along with equities initially, but then rebounded strongly. Many wondered if Bitcoin could still be considered a digital version of gold.
DiPasquale stated that Bitcoin should be viewed not as digital gold but as a currency which doesn’t obey the dictates of a central banking system but has a finite amount.
Both sides are using cryptocurrency as a way to reduce the financial chaos.
There is growing concern that the Russian elite may use cryptocurrency to circumvent the West’s sanctions. DiPasquale, like many analysts over the past week, believes that crypto is not suitable to this purpose.
He said that bitcoin, unlike cash is easily traceable.
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