Perianne Boring, founder and president of the Digital Chamber of Commerce, which represents blockchain technology and is the world’s largest trade association, shared her thoughts on Bitcoin and the cryptocurrency market on CNBC’s Squawk Box program.
“Bitcoin Fundamentals Are Stronger Than Ever”
Stating that the high volatility in Bitcoin and the cryptocurrency market is normal, Boring argued that the fundamentals of Bitcoin are stronger than ever.
“Volatility isn’t necessarily a bad thing. It is normal to see 30% to 50% volatility in the cryptocurrency markets at any time of the year.
The markets are behaving exactly as expected right now. There is nothing to worry about because the fundamentals of the Bitcoin network are stronger than ever.”
Perianne Boring also highlighted that the Bitcoin network has grown faster than the growth of the Internet in the late 90s and early 2000s, noting that the Bitcoin hash rate has reached an all-time high.
The Chairman of the Digital Chamber of Commerce, when asked by the Squawk Box server whether Bitcoin will drop to $ 8,000, continued by stating that there are many price models for Bitcoin to be between $ 50,000 and $100,000 in 2022:
“There are a number of indicators that professional crypto traders use today. Today they are all between $50,000-100,000 per Bitcoin.
These indicators are over 90% correlated and what the indicators are telling us is that Bitcoin is currently undervalued.”
“There’s a number of models that professional #crypto investors are using today. Today they’re all between $50,000-$100,000 per #bitcoins. These models are over 90% correlated and what they’re telling us is that bitcoin is undervalued,” says @DigitalChamber CEO @PerianneDC pic.twitter.com/7fgNkPHA7H
— Squawk Box (@SquawkCNBC) January 24, 2022
*Not investment advice.