The founder and managing partner at Quantum Fintech Group, Harry Yeh, says that bitcoin could hit a price of $400,000 due to the activities around stablecoins.
The executive notes that despite cryptocurrencies being in their infancy, the sector is in a unique stablecoin bull cycle.
Yeh believes that the industry is entering a supercycle despite the current volatilities. He says that stablecoins are addressing the shortcomings of Bitcoin and Ethereum.
Yeh supports his bullish view with the Federal Reserve’s current position that ruled out any immediate hike in interest rates.
He adds that the weakening of the dollar and bitcoin use as an alternative is a growth driver and that a market crash is not an immediate concern.
Bitcoin is currently trading at $41,600, having dropped 10% at the start of the year in market-wide stocks and cryptocurrency rout.