The head of Defiance ETFs says she is “completely bullish on Bitcoin.” Noting that it’s a “good time” to get into cryptocurrency, she explained why she thinks Bitcoin’s price will reach $100,000.
CEO of Defiance ETFs Bullish on Bitcoin
Sylvia Jablonski, chief executive officer, chief investment officer and co-founder of Defiance ETFs, said in an interview with CNBC on Thursday that she is bullish on bitcoin despite recent price declines.
Defiance ETFs is an exchange traded fund (ETF) sponsor and registered investment advisor focused on thematic investing.
Jablonski told the media outlet:
I remain completely bullish on bitcoin. I think the short-term activity is just noise.
She noted, “It looks like bitcoin is specifically correlated with risky assets and stocks in terms of what we’ve seen over the past six months to about a year.”
The executive explained that if investors see the crypto market recovering for a few days, they will reinvest in bitcoin, ether, and some of the other cryptocurrencies. Similarly, “when you see pullbacks, they also seem to hit bitcoin,” she pointed out.
Regarding bitcoin as an inflation hedge, she admitted that “many of us thought a few years ago that bitcoin would be this great inflation hedge and would act similar to gold and so would this safe haven inflation trade, but I think , it trades more like a Nasdaq 100 stock than an inflation trade.”
Jablonski predicted, “Short term there will be sideways volatility, there will be range bound price action but longer term I still expect Bitcoin to be in that $100k camp before I expect it to go to zero. The head of Defiance ETFs elaborated:
I still think it’s a good time to jump in.
Jablonski described, “We have to think about how we’re going to do it with the market. So if I think about what happened to some of the broad based indices, and again just using Nasdaq as an example, at some point we hit the 200-day moving average and Nasdaq was heavily in bear market territory, 20% or more below all-time highs. “
She emphasized:
Bitcoin reflected that and this is where we come off this 200 day moving average on Nasdaq and we also come off our bottoms on Bitcoin.
“So I think we definitely have a tradable floor. I think we’re going to have these short-term rallies, but I don’t think that’s all. I think the market has some way to go in terms of range bound volatility. The headwind also has a psychological aspect,” she continued.
The executive continued: “You did [the] Russia-Ukraine [war]You have inflation, you have the Fed raising rates and that just keeps investors holding their money, which in the end is actually a big mistake because that involves losses.”
Jablonski added, “But I think once they get past that psychological aspect and we see the basics of economics, cryptocurrency and bitcoin, you’re going to see a rally, so I don’t think we’re going to get that one straight shot.” She said:
I think you’re going to get some range bound volatility between $46k, $47k and $50k now. I think eventually we will see this rally to $100,000.
At the time of writing, Bitcoin is trading at $46,075 based on data from Bitcoin.com Markets.
What do you think of Sylvia Jablonski’s comments? Let us know in the comment section below.
Kevin Helms
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