Despite claims by some crypto quarters that the current Bitcoin’s bullish cycle is over-extended and the asset’s price could soon drop, reaching $100,000 or $200,000 is very possible according to Greg King.
The Osprey funds CEO, a premier boutique digital asset investment firm that has three active funds so far including the Osprey Bitcoin Trust (OBTC), the Osprey Polkadot Trust, and the Osprey Algor and Trust was convinced that Bitcoin would surge higher to beat this year’s expectations despite this year’s severe corrective move which threw the asset’s price into an almost four-month sprawl.
Speaking on Saturday, the fund boss was convinced that Bitcoin had a confirmed bullish breakout from the $30,000-$40,000 three months range saying that the $40,000 area would likely act as support on the assets price, confirming that his firm was in for the long term and not market prognostication given his confidence in the future of blockchain technology.
Having previously noted that Bitcoin’s market cycles usually end with a 900% appreciation, he was confident that this particular cycle was not any different.
“I think if memory serves the minimum was 400% and then there was one around 1700% in terms of those bull runs over periods of about a year or two. I wouldn’t see this necessarily as any different. You know a 900% move puts us at $200,000 but a 400% move basically puts us it basically at $100,000. We don’t make price calls but I don’t see those numbers as being unattainable in this bull run at all” he said.
The C.E.O also disclosed his firm’s plan to re-file a Bitcoin ETF with their OBTC fund despite an earlier filing in 2017 which he described as having been done “too early”. He re-stated his position of not likely seeing a Bitcoin ETF this year but was assertive that one was likely to be approved in early 2022 given the recent Aspen Institute speech by SEC’s Chair Gary Gentler who seemed to prefer futures-based ETFs.
“The reason regulators might prefer that is because, a futures contract is a regulated instrument, there is a lot more oversight versus the actual physical Bitcoin” he added
The digital assets management expert also shared some insights on what he would be looking for in a coin before selecting it for management. Most digital management asset firms would primarily be looking for layer one coins that they thought would be promising in terms of building infrastructure around the blockchain ecosystem such as Algorand(ALGO) and Polkadot (DOT).