What will trigger bitcoin’s next surge?
Bitcoin hovers under $104,000 today as investors await a re-test of the all-time high of $109,000 as the US-UK and China trade deals remain two key developments that could settle tariff uncertainties surrounding the Trump administration. Meanwhile, Chuta Chimezie, Founder and Coordinator of Blockchain Nigeria User Group believes the crypto market seems to be set for one of the greatest bull-run in history owing to global regulatory progress. He joins CNBC Africa for more.
Tue, 13 May 2025 14:08:47 GMT
Disclaimer: The following content is generated automatically by a GPT AI and may not be accurate. To verify the details, please watch the video
AI Generated Summary
- Global regulatory progress and increasing investor confidence are fueling optimism for a significant bull run in the crypto market.
- Bitcoin is expected to approach $108,000 per BTC in the near term, with a quarterly outlook projecting a price range of $200,000 to $250,000 by 2025.
- Nigeria's regulatory advancements, such as the Investment and Securities Act, are paving the way for broader acceptance of crypto assets, positioning the country as a potential hub for virtual assets in Africa.
Bitcoin's price is currently hovering just below $104,000, with investors eagerly anticipating a re-test of the all-time high of $109,000. Two key developments, the US-UK and China trade deals, could potentially resolve tariff uncertainties surrounding the Trump administration, further boosting market sentiment. Chuta Chimezie, Founder and Coordinator of Blockchain Nigeria User Group, is optimistic about the crypto market, citing global regulatory progress as a key indicator of the upcoming bull run. Chimezie highlights the increasing confidence among investors due to a clearer regulatory landscape, with major asset management companies like BlackRock and Fidelity diving into ETFs. Additionally, recent technical updates such as the Ethereum upgrade have positively influenced prices, positioning Ethereum as a preferred blockchain for development. Looking ahead, Chimezie predicts that Bitcoin is poised to reach $108,000 per BTC in the next one to two weeks, signaling a potential surge. He further forecasts a quarterly outlook for the year 2025, aligning with analysts who project Bitcoin's price to range between $200,000 and $250,000. Chimezie emphasizes the growing acceptance of Bitcoin as a reserve asset by countries and states, fueling a heightened demand for BTC. Amidst these market dynamics, the regulation of crypto assets plays a crucial role, with Nigeria's recently passed Investment and Securities Act legitimizing virtual assets. Chimezie urges Nigerian organizations to embrace crypto assets and position the country as a hub for virtual assets in Africa. Highlighting the $125 billion digital economy in sub-Saharan Africa, the potential for growth in the crypto market is substantial. However, Chimezie stresses the need for education and enlightenment among traditional investment managers to navigate the volatile crypto market. As the Securities and Exchange Commission works towards bridging this knowledge gap, the stage is set for increased market participation and inflows. Overall, Chimezie's insights shed light on the evolving crypto landscape and the transformative potential of regulatory advancements and market projections.
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