Mike Belshe: Our macroeconomic climate continues to support the thesis about the need for Bitcoin

By the end of this year, the price of the first crypto coin could reach the range of $125,000-$135,000. This is the opinion of BitGo CEO Mike Belshe. According to him, one of the prerequisites for the growth of BTC will be the high level of US government debt.

According to Belshe, our macroeconomic climate continues to support the case for Bitcoin. He says that there is no doubt that the US national debt is not under control. This situation contributes to the idea that Bitcoin is a new generation of gold Belshe noted.

The expert also expressed the opinion that the US dollar is becoming weaker as a world reserve currency due to the foreign policy of the American authorities. According to Belshe, the country uses the national currency as a weapon and a tool for manipulation.

The CEO of BitGo noted that he does not approve, but does not protest against economic sanctions. However, the example with Russia shows other states that the American authorities can treat them in the same way.

Belshe elaborates on the macroeconomic backdrop, emphasizing that the US’s foreign policy and sanctions controls are driving global entities to seek alternatives to the dollar. He mentions that the BRICS nations are working on alternative payment systems, which could diminish the dollar’s dominance. Additionally, digital technologies are enabling seamless cross-border payments, further eroding the need for traditional financial intermediaries/

Amid a bull market, the value of the major digital currency will form a top at some point in the last quarter of this year. This conclusion was made by Bitfinex analysts.

“Past data suggests that Bitcoin typically reaches a new ATH several months after the halving,” the experts noted.

They also pointed to the continued possibility of BTC growth in the near term.

“Market cap/realized value (MVRV) ratio indicate significant unrealized profit, with the current MVRV value around 2.56. Historically, Bitcoin market tops occur when the MVRV ratio exceeds 3.2,” Bitfinex said.

Analysts believe that the main cryptocurrency could reach $120,000. To justify their forecast, they turned to on-chain metrics and patterns. But experts consider higher estimates to be “overstated.”