Former UBS exec: Bitcoin price could hit $75,000 this year

On the evening of May 12, according to reports, former UBS executive Guido Buehler said today that as more and more institutional investors begin to accept bitcoin, its price may double this year, to $75,000.

In an interview with the media at the "Crypto Finance Conference" (Crypto Finance Conference) in Switzerland today, Beeler said: "We believe that the price of Bitcoin will rise. Our internal valuation model shows that Bitcoin It should be in the $50,000-$75,000 range. I'm pretty sure it can get there. It's just a matter of timing."

In November last year, the price of bitcoin soared to an all-time high of $69,000. But over the past few months, bitcoin’s price has tumbled, briefly dipping below $40,000 on Monday, nearly its lowest point since September last year. On Wednesday, bitcoin prices were hovering around $43,000.

When asked if "Bitcoin will break out of last year's highs," Biller said: "I think it will." But he also stressed that its price volatility is still very large.

Beeler believes that institutional investors will help boost Bitcoin’s price this year. “Institutional money could push bitcoin prices higher. We just have a pool of assets and are looking for the right time to invest,” he said.

By contrast, Pascal Gauthier, chief executive officer (CEO) of crypto wallet Ledger, said today that there is a “retail trend” for bitcoin. "People are trusting bitcoin more and more, and it's the masses that will really push the price up," he said.