Antoni Trenchev, co-founder of Nexo, believes that if crypto usage increases, BTC will reach $100,000.
Trenchev discussed his thoughts on the present market with Bloomberg. The Nexo co-founder offered his thoughts on the present situation. When questioned about the impact of the FED on the present price action, Trenchev acknowledged that bitcoin has benefitted handsomely from the “loose monetary authority.”
He highlighted the impacts of inflation as a major driver for bitcoin when questioned about important factors. He also said that bitcoin’s current price range seems to be stable, ranging between $32,000 and $40,000. One of the causes for the market’s current recovery has been ascribed to the absence of leverage traders.
He also cited delayed institutional adoption as a factor driving bitcoin’s price rise.
Trenchev also offered his thoughts on the latest news from El Salvador. Bitcoin has been formally recognized as legal currency in the tiny nation, with Tenchev expressing his delight.
What is Nexo?
Nexo, a European crypto loans and savings network was established by Antoni Trenchev, Georgi Shulev, and Kosta Kantchev in 2018. Nexo customers may borrow money against their bitcoin assets and earn interest. It is in charge of more than $4 billion in assets.
Nexo provides customers with the ability to open a bitcoin bank account. Users may earn up to 10% interest on their cryptocurrency holdings. On a regular basis, interest is put into the account holder’s bank account.
Nexo often assists you in borrowing money based on the value of your cryptocurrency portfolio rather than selling and buying it again. The interest rate on a loan begins at 5.90 percent APR.
While you can’t buy or sell cryptocurrencies on the Nexo website right now, the crypto savings account provider does provide a high-yield method for investors to profit from their unused coins and cash.
Users who have a Nexo bank account will be able to obtain immediate crypto credit lines and use them to invest in their digital assets.
Nexo is also one of the first cryptocurrency marketplaces to provide a crypto debit card backed by Mastercard.
The Nexo Card is available for purchase via the Nexo app. You may also utilize the Nexo program to access a wide variety of passport security features, including automated card freeze and transaction verification.
Nexo’s smartphone app operates similarly to the company’s desktop software, allowing you to access your card, credit card, and bitcoin with only a few clicks.