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Bitcoin’s $100k target on course despite China’s ban, says managing director F. Grummes

Bitcoin's $100k target on course despite China's ban, says managing director F. Grummes

Florian Grummes, the managing director of financial consultancy firm Midas Touch Consulting has maintained that despite Bitcoin correcting after China’s ban on cryptocurrency trading, the number one ranked digital asset will still hit the $100,000 mark.

Speaking to Kitco News, Grummes acknowledged that determining when Bitcoin will hit the price level is a challenge in the current environment. Initially, Grummes had predicted Bitcoin will trade at $100,000 but warned about possible pullbacks along the way.

According to Grummes, the market is in a panic at the moment, and once it is over, Bitcoin will rise again. Interestingly, Grummes cited central bank activity as one of the reasons for the possible surge in Bitcoin towards $100,000.

“Yes. It can ($100,000) because I think right now I have my bare head on right now due to the things that are happening in China, but I believe that in the larger scheme, we’re still in the cracker boom[…] You’re going to see central bankers panicking and expand their balance sheets even more dramatically, and maybe they even come up with special drawing rights. And I think for everybody inflation is unstoppable now and you have to run with everything you have into hard assets, and it just means precious metals. Once this correction is over in Bitcoin, I’m pretty sure we’re going to see $100,000,” said Grummes.

More people to pour money into crypto

The director also suggested that once people notice central banks pose a risk with initiatives taken, they might run into Bitcoin. The move will potentially drive the prices higher.

He, however, noted that the full impact of the ban might be seen later because the authorities appear to be serious this time.

Grummes said that the previous bans have not been successful since Bitcoin has always managed to bounce back from corrections initiated by the authorities. He cited the mining ban that saw Bitcoin plung by almost 50% from the almost $65,000 all-time high.

However, the asset managed to bounce back, trading at above $50,000 in early September.

‘China controlling financial sector’

On the possible reasons behind the ban, Grummes believes the Chinese government is against money flowing out of the country. He notes that the government is attempting to have full control of the financial sector.

With Bitcoin showing signs of recovery in September, the asset corrected following the move from China. Notably, in the wake of the news, the market lost almost $100 billion within minutes.

Bitcoin price movement after China ban. Source: Finviz

Notably, opinion leaders from the financial space believe that Chinese crypto regulation will not have an overall impact. For instance, according to Seamus Donoghue, the VP of Strategic Alliances at METACO, the move by China will not have a drastic impact on the broader digital assets market.

He notes that China’s stand does not necessarily mean that there will be any ban on holding positions in crypto assets.

By press time, Bitcoin trading at $47,600 gaining almost 8% in the last seven days.


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