Bitcoin Set to Retest All-Time High Amid Banking Crisis, Says Tether CTO

Tether CTO Paolo Ardoino recently shared his bullish outlook on Bitcoin during an interview with CNBC’s Arjun Kharpal.

As the cryptocurrency currently trades below $30,000, Ardoino believes it could “easily retest” its all-time high of slightly above $69,000, which was reached on November 10, 2021. To achieve this milestone, Bitcoin would need to experience a 151% increase in value from its current trading price of approximately $27,470.

Ardoino cites geopolitical uncertainty and the ongoing banking crisis as factors contributing to the growing appeal of Bitcoin as an alternative investment. He sees the flagship cryptocurrency as increasingly decoupling from traditional financial markets, making it an attractive hedge against potential future crises.

The Tether CTO believes that in times of global bank runs and financial turmoil, Bitcoin offers a level of security and control, as individuals can hold the asset in their hardware wallets.

Despite his positive outlook on Bitcoin’s potential to retest its all-time high, Ardoino expresses doubt over the recent wager made by former Coinbase CTO Balaji Srinivasan, who bet that Bitcoin could reach $1 million within 90 days. Ardoino reasons that if the cryptocurrency were to achieve such a high price level in such a short period, it would likely indicate a complete global economic collapse, a scenario he does not wish to see unfold.

He told Kharpal,

“I know that there is a bet on Bitcoin that it could reach $1 million in 90 days. I’m kind of skeptical about that because, honestly, I wouldn’t even hope for that... Because if Bitcoin would reach such a high price level, it would mean that the entire economy will crumble. And I’m not sure it is the word that we want to live in.“