Bitfury CEO Brian Brooks is Bearish Short Term on Bitcoin

Brooks joins CNBC to cite his rationale for a bullish attitude in the medium-term despite short-term misfalls.

Kyle Heise
January 12, 2022
Blockchain News

Report From Goldman Sachs Reaffirms Hodlers

Brian Brooks, CEO of BitFury and former CEO of Binance US, joined the CNBC television program ‘Closing Bell’ on Monday, January 10 to opine on what he sees as reason to brush away some of the recent fear in the crypto market. 

The former Acting Comptroller of the Currency under President Trump recognized the poor start the crypto has had in 2022, and couldn’t deny that in the “short-term that are some things that are a little negative for bitcoin––but only short term.” As CEO of a Bitcoin mining company, Brooks has instead a very bullish outlook five or so years in the future.

“Bitcoin is now 20% of the total global store of value market as compared to gold––20% as compared to the gold market. That’s insane,” Brooks told CNBC Commentator Michael Santoli. 

The data Brooks quoted was cited from a recent Goldman Sachs research note that has returned a  bullish feeling to many in the industry. Despite short-term obstacles like Covid-19 or other global geopolitical problems, the report from Goldman Sachs reaffirms many who have faced difficulty hodling in these rough first weeks of 2022.

“What that [report from Goldman Sachs] predicts is a future where the bitcoin price in the medium term hits $100,000 as it achieves parity with gold as a store of value,” Brooks said. “So, most of us in the sector remain quite bullish.” 

The expectation from Goldman Sachs is that the price of bitcoin would hit $100,000 in about five years. In an industry like crypto where an hour feels like a year, the prediction from Goldman Sachs beseeches patience from users. Bitcoin could very well skyrocket past $100,000 before five years and come falling back. Until then, the question will be if it can sustain $69,000, let alone $100,000. 

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Kyle Heise

Born and raised in the East Bay of California. He has studied and worked on three continents and lived in eight countries. Kyle resides in San Francisco. He holds bags mostly in ETH, CRO, CAKE, and BSC meme projects.

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