Jim Messina, the CEO of Messina Group and former White House Deputy Chief of Staff, believes that Bitcoin (BTC) will hit $60,000 once again. This comes as Bitcoin remains above $20,000 as it registered gains of over 7% in the last 7 days. Jim Messina said that he is so bullish that he would bet his Porsche Bitcoin gets back to that value.
Messina Group CEO Believes Bitcoin Could Hit $60k
In a recent interview with Fox Business, the CEO of Messina Group talked about Bitcoin and how bullish he is on the largest virtual currency. During the interview, he mentioned that he is incredibly bullish on Bitcoin right now. The largest cryptocurrency is now being traded above $20,000 and some analysts believe that it could surge in a future bull market.
During the interview, he mentioned:
“I’m incredibly bullish on this. I’m buying Bitcoin right now. I’ll bet you my Porsche Bitcoin gets back to $60,000.”
"I'm incredibly bullish on this. I’m buying #bitcoin right now. I’ll bet you my Porsche #bitcoin gets back to $60,000"
— President Obama's deputy Chief of Staff, Jim Messinapic.twitter.com/KjDZMg8S7O
— Documenting ₿itcoin 📄 (@DocumentingBTC) October 26, 2022
This shows that President Obama’s Deputy Chief of Staff is very bullish about the future of the digital asset. Bitcoin is the largest cryptocurrency in the world and it works with different bull and bear markets. With the upcoming halving event in 2024, some analysts consider that the virtual currency could start a new bull run as a lower new issuance of coins would not be enough to meet growing demand over time.
Back in November 2021, Bitcoin was traded at $69,000, the highest price ever reached by Bitcoin. Last year was a very good one for the whole crypto market and multiple virtual currencies reached all-time highs. Decentralised Finance (DeFi) and non-fungible tokens (NFTs) were some of the most popular investments in the market back in 2021.
Bitcoin has already been in multiple bull and bear trends. Between 2017 and 2020, Bitcoin was in a bear trend while in 2017 and 2021 BTC was in a bull market. Now, we are in a new bear market that started in November 2021 and lasted almost a year, showing that cycles continue to mark Bitcoin investment periods.
Messina CEO said that he would bet his Porsche on Bitcoin reaching $60,000 once again. Nevertheless, he did not mention when this could happen or how long we could wait for BTC to start a new bull market. Usually, bear trends tend to take multiple years before they end and give place to a new bullish period.
Michael Novogratz, the CEO of Galaxy Digital, believes that Bitcoin could reach $500,000 in the next 5 years. That means that BTC could surge by 2,400% in the next few years. Nevertheless, it would be very important for investors to enter the market and expand their BTC positions. Companies and other larger investors are already entering but the possibilities are still large for these investors. It is just a matter of time to see what could happen with Bitcoin in the coming years and whether it will reach new all-time highs once again.