The head of Defiance ETFs says she is “completely bullish on bitcoin.” Noting that it is a “good time” to get into the cryptocurrency, she explained why she believes the price of bitcoin will reach $100K.
Bullish Bitcoin by CEO of Defiance ETFs
Sylvia Jablonski (chief executive officer, chief investor officer and co-founder defiance ETFs) spoke out in an interview Thursday with CNBC about her optimism regarding bitcoin despite the recent declines.
Defiance ETFs (exchange-traded funds) is a registered advisor and sponsor that focuses on thematic investing.
Jablonski said to the media outlet
Bitcoin is a great investment. The short-term noise is not important to me.
She noted: “It looks as though, in terms of what we’ve seen for the last six months to a year or so, is that bitcoin is correlated with risk assets and equities specifically.”
An executive said that investors will buy bitcoin and ether if they notice the crypto market rallying over the next few days. Similarly, “when you do see pullbacks, they seem to be hitting bitcoin too,” she pointed out.
Regarding bitcoin as an inflation hedge, she admitted that “a couple of years ago, a lot of us thought that bitcoin was going to be this great inflation hedge and it was going to react in a similar way to gold and it was going to be this safe-haven inflation trade, but I think it’s trading more like a Nasdaq 100 stock than it is like an inflation trade.”
Jablonski predicted, “In the short term it’s going to be sideways volatility, it’s going to be range-bound price action, but longer-term, I still expect bitcoin to be in that $100,000 camp before I expect it to go to zero.” The Defiance ETFs boss elaborated:
I still think it’s kind of a good time to get in.
Jablonski described: “We have to think about it as we do the market so if I think about what happened with some of the broad-based indices, and again just using Nasdaq as an example, at one point we hit 200-day moving average and Nasdaq was very much in bear market territory, 20% or more below all-time highs.”
She highlighted:
Bitcoin mirrors that. We are now getting rid of the 200-day Nasdaq average and our bitcoin lows.
“So I think that we definitely have a tradable bottom. I think we are going to have these short-term rallies, but I don’t think that this is it. In terms of volatility range-bound, I believe the market still has some time to maneuver. There’s a psychological aspect to the headwinds as well,” she further shared.
The executive continued: “You have [the] Russia-Ukraine [war], you have inflation, you have the Fed raising rates, and that just keeps investors holding on to their cash, which is actually a huge mistake in the end because that locks in losses.”
Jablonski added: “But I think once they kind of get past that psychological aspect and we sort of see the fundamentals in the economy and cryptocurrency and bitcoin, you’ll start to see it rally so I don’t think we’re going to get that straight shot just yet.” She opined:
I think you’ll get some range-bound volatility now between $46,000, $47,000, and $50,000. I think kind of down the road we’ll see that rally up to $100,000.
Based on data from Bitcoin.com Markets, bitcoin trades at $46,075 as of the writing.
What do you think about Sylvia Jablonski’s comments? Please leave your comments below.
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