BitGo’s CEO Mike Belshe made a bold prediction that Bitcoin (BTC) could experience a significant rally, rising by up to 94% within the next six months. In a recent interview with Kitco News, Belshe stated that he expects Bitcoin to reach a range of $125,000 to $135,000 by the end of the year. At the time of his prediction, Bitcoin was trading in the $69,000 – $70,000 range.
Increase in US National Debt
Mike Belshe attributed his bullish outlook to several key factors, including the historic rise in the US national debt. He added that the ongoing macroeconomic environment strengthens the argument that Bitcoin is a viable alternative to traditional financial systems.
According to BitGo’s CEO, the uncontrollable nature of the US debt is no longer a matter of debate, and this economic backdrop reinforces the perception of Bitcoin as the modern equivalent of gold.
Weaponization of the US Dollar
Furthermore, Belshe identified the weaponization of the US dollar as another catalyst for Bitcoin’s potential rise. He believes that the US government’s use of sanctions and control over the US dollar in foreign policy has driven other nations to seek alternatives. This includes the formation of economic blocs like BRICS (Brazil, Russia, India, China, and South Africa), which are developing payment systems outside the influence of the US dollar. Although these initiatives are currently small-scale, Belshe expects their impact to grow over time, reducing the dominance of the US dollar.
Belshe emphasized that the lack of a strong alternative global reserve currency leaves a gap that the largest cryptocurrency could fill. He also noted that BRICS countries are attempting to reduce their reliance on the dollar by conducting more transactions in other currencies. This trend, combined with US sanctions and foreign policy measures, alarms US dollar holders about the potential for their assets to be targeted similarly to the sanctions imposed on Russia.
According to Belshe, the combination of factors such as the US debt crisis, the weaponization of the US dollar, and the emergence of alternative payment systems by economic blocs creates a favorable environment for Bitcoin’s growth. The BitGo CEO particularly highlighted that this is the underlying narrative driving Bitcoin’s existence.
