Seba CEO believes Bitcoin could rally to $75000 in 2022

• Swiss bank Seba’s CEO believes Bitcoin‘s price could rise between $50,000 to $75,000

• “I’m quite confident we are going to see that level,” he told CNBC

Bitcoin’s price could rise to $75,000, according to Swiss bank Seba’s CEO Guido Buehler.

“We believe the price is going up,” said Buehler in an interview with CNBC.

The CEO said that as more institutional investors buy the world’s most popular cryptocurrency, the prices could nearly double in 2022. He also said that Seba’s internal valuation models indicate a rise in price from $50,000 to $75,000.

 “I’m quite confident we are going to see that level. The question is always timing,” he added.

Through highs and lows

In November, Bitcoin reached a record high of $69,000but has lost more than 40% of its value, since then. On Monday, its price briefly tumbled below $40,000 settling near lows not seen since September.

Bitcoin fell nearly 7% at one point Monday to its lowest in over five months, tumbling under the $40,000 level, as rising rates lead investors to shed risky positions in growing assets.

Read more: Bitcoin briefly drops below $40,000, lowest since September as investors shed risk

The latest drop in prices comes after the Fed has made it amply clear that interest rates would rise in the coming months.

On Monday, the 10-year U.S. Treasury yield spiked to nearly 1.8%, after ending 2021 at 1.5%.

Buehler told CNBC that institutional investors would help boost the price of bitcoin in 2022.

“Institutional money will probably drive the price up. We are working as a fully regulated bank. We have asset pools that are looking for the right times to invest,” he said.

Also Read: Bitcoin tumbles 40% from all-time high, falls to three months low

(With inputs from CNBC)

Picture Credits: Reuters