Polygon Labs CEO sees Bitcoin hitting $250K, citing its simplicity and scarcity

Marc Boiron, CEO of Polygon Labs, expects BTC to reach $250,000, believing that the token’s long-term growth is inevitable despite short-term market volatility.

In an interview with Rob Nelson on Roundtable, Boiron explained that Bitcoin scarcity and growing demand will drive the surge of the token’s price. He said:

You’ve got this one asset that has this fixed supply, and all you need to figure out is whether demand is going to increase for this asset or not. It’s literally that simple.

Marc Boiron

Boiron has high expectations for Bitcoin, claiming the token poses less of a threat to investors in the current market state

The CEO argued that Bitcoin is the easiest financial asset to figure out, yet most people don’t understand this concept. He even believes the asset could trade as high as $250,000 in the year, adding that Bitcoin will rise as demand for it grows and supply remains the same.

He even pointed to the token’s scarcity as a reason for its potential growth.

Moreover, he stated that, given the current market, Bitcoin has less downside risk despite the token’s history of price volatility.

Boiron stated that with upcoming regulations, he can see that Bitcoin will pose less of a risk to investors than it typically does.

Bitcoin dropped to less than $97,000 on Friday after the Bybit hack

Crypto prices dipped on Friday after hackers drained almost $1.5 billion from crypto exchange Bybit. According to security analysts, North Korea’s Lazarus group was responsible for the attack. However, these analysts are overly concerned about the group’s advanced techniques, seeing how they pulled the largest attack in crypto history.

Bitcoin fell to less than $97,000, down from close to $100,000 after the attack. Currently, the asset is trading at only $96,581, though it represents a 1.36% rise in the last 24 hours.

Ether also slipped by nearly 4%, trading below $2.700. However, the coin is doing so much better now, showing a 5% rise in the last 24 hours to $2,774.

On Friday, Coinglass also reported they were over $500 million in liquidations.

Source