According to Guido Buehler, Managing Director of the Swiss bank SEBA, bitcoin will reach a new all-time high in 2022. The executive believes that institutional investments will be the main driver of such a price surge.
Additionally, the digital bank raised $120 million in a Series C funding round co-led by DeFi Technologies and Alameda Research. The organization vowed to use the funds to expand into new markets globally and increase the product offerings.
BTC will hit $75,000 in 2022
During a recent interview for CNBC, Buehler – the head of Swiss banking platform SEBA Bank – said that the USD value of bitcoin could almost double this year, according to his firm’s estimates. Specifically, the institution was considering a price between $50,000 and $75,000:
“Our internal valuation models indicate a price right now between $50,000 and $75,000. I’m quite confident we are going to see that level. The question is always timing.”
Buehler believes BTC’s new all-time high will be the result of growing interest from institutional investors:
“Institutional money will probably drive the price up.”
Pascal Gauthier – CEO of crypto wallet Ledger – was of a similar opinion. According to him, investors today are increasingly trusting bitcoin “and it’s the people who will drive the price up.”
Despite his bullish forecast, Buehler believes the asset’s volatility will remain high during 2022. He explained that bitcoin had lost some ground since the beginning of the year because it is a risk asset. The 10-year US Treasury yield spiked at the start of 2022, which propelled the decrease of many volatile financial products such as the primary digital asset, SEBA Bank’s boss concluded.
SEBA’s new financing cycle
Earlier this week, the Swiss company closed a $120 million funding round led by leading organizations in the blockchain space. These include DeFi Technologies and Alameda Research, while investment firms Altive, Ordway Selections and Summer Capital were also participants.
SEBA Bank said it will channel the funds to solidify its presence in Hong Kong and Singapore. Furthermore, the company aims to expand to other markets such as the Middle East region and even establish a dedicated office in Abu Dhabi.
“This funding will allow us to further develop our digital asset banking platform and strengthen our presence in markets around the world by attracting new talent,” Buehler commented on the initiative.
