• According to CoinShares CSO, the price of bitcoin will reach $100,000 by the end of the year

  • Meltem Demirors, Chief Strategy Officer (CSO) at digital asset investment firm CoinShares, spoke on Thursday about her latest thoughts on Bitcoin (September 30).

    The CoinShares CSO was on CNBC’s “Fast Money” to explain to anchor Melissa Lee — and Fast Money traders Guy Adami, Tim Seymour, Bonawyn Eison, and Pete Najarian — why she believes Bitcoin will have a fantastic Q4 and reach $100K by the end of 2021.

    Demoirs stated to Lee:

    “If we look at what has happened in the six months since Bitcoin reached its previous high of around $65,000. We saw a lot of risk being removed from the equation. There was a lot of power in the system… We’re currently hearing rumblings about a potential Bitcoin ETF approval. That would be ETFs based on cash-settled contracts… That is a significant catalyst to consider in Q4.

    “There are also fewer open longs in the Bitcoin position these days. As a result, we are seeing an increase in the number of firms taking on more bullish long calls. In fact, there are a number of six-figure long-dated option calls that are seeing some activity as we approach the end of Q4 and the start of Q1.

    “And, most importantly, I believe there is a lot of cash sitting on the sidelines, and many investors are now seriously considering including Bitcoin in their portfolios.

    “And there are now so many different ways to do that, whether through a publicly traded investment vehicle or assets themselves on platforms like Coinbase, Robinhood, or Square. There are simply a plethora of options opening up that channel for retail and professional investors to gain exposure to the asset class.“

    Demoirs appears unconcerned about China’s latest crypto crackdown measures, stating that China “has banned Bitcoin about 16 times since 2013” and that “each time the ban is slightly different.” She went on to say that, as a result of what is going on in China, there has recently been a “shift away from China in the Bitcoin markets,” with trading in particular shifting to Europe and the United States.

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