Nic Carter, the founding partner of Castle Island Ventures and co-founder of Coin Metrics, remains confident that Bitcoin (BTC) will reach six figures this year due to an impending debt crisis. Despite the recent market pullback, Carter believes that Bitcoin could reach $100,000 by 2024.

“At the beginning of the year, Bitcoin was trading around $30,000 or maybe $40,000. I predicted that it could reach $80,000 at some point this year, and we came very close to hitting that recently. So, $100,000 is definitely possible this year,” says Carter.

When asked if $100,000 is still his price target for 2024, Carter responds affirmatively. He expresses his optimism about the price of Bitcoin over the next two to three years, citing the validation of the Bitcoin thesis and the institutional support it received from the U.S. Securities and Exchange Commission (SEC) with the approval of exchange-traded funds (ETFs). Carter also mentions that other jurisdictions, such as Hong Kong, are following suit by approving ETFs.

Carter highlights two reasons to be bullish on Bitcoin. Firstly, he mentions the advancement of layer-2 projects on the Bitcoin network, which could potentially bring it to technological parity with Ethereum. Secondly, he points out that Bitcoin could serve as a safe haven for investors amidst rising national debts and high inflation.

“Bitcoin has distinguished itself from the rest of the crypto economy. The emergence of new layer-2 networks on Bitcoin is exciting and allows for technological advancement. Additionally, there is an impending debt crisis, particularly in the US, which will lead to monetary repression, yield curve control, and high inflation. People will seek safe havens and alternative asset classes. Bitcoin has been recognized as an asset class in its own right and provides efficient access for investors in the US. This fundamental trend remains unchanged, regardless of short-term fluctuations related to events like the halving,” explains Carter.

As of now, Bitcoin is trading at $62,691, experiencing a decline of over 5% in the last 24 hours.

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