“I don’t know. On the other side, I’ll have a bit of fun and go for a $250,000 non-financial advice estimate,” says Marc Boiron, CEO of Polygon Labs.
Speaking about Round Table host Rob Nelson, Boylon explained why he views long-term Bitcoin growth as inevitable despite short-term market fluctuations.
“I think Bitcoin is the easiest financial asset to make decisions in a world that most people don’t understand,” he said.
Boiron broke the foundations of Bitcoin in simple terms.
“We have this asset with this fixed supply. All we need to know is whether demand for this asset will increase. It’s literally so simple,” explained Boylon.
He believes that the rarity and increasing demand for Bitcoin will continue to raise prices over time.
“What I know is that Bitcoin will rise over a long period of time because demand for Bitcoin will rise and its supply remains unchanged,” he said.
Despite Bitcoin’s infamous volatility, Boiron believes it has less downside risk than usual due to current market conditions.
“I think you feel the downside is pretty good when regulations are heading towards cryptos where the market is heading, and there’s not much risk compared to what cryptos usually present as risk.” He pointed out.
Cryptocurrency prices fell sharply on February 21, erasing previous profits following reports that Cryptocurrency Exchange Bybit has experienced a $1.5 billion leak due to security incidents.
Bitcoin (BTC) fell to around $97,000, retreating from its previous high from nearly $100,000, while Ether (ETH) fell almost 4%, below $2,700.
The sudden recession was caused by a liquidation of about $500 million in the liquidation of leveraged liberative positions, with most betting on further price increases, according to Coinglass data.