Reckon Predicts Bitcoin Could Reach $100K Next Year Amid U.S. Fiscal Concerns

Global asset management firm Reckon has forecasted that Bitcoin (BTC) could rise to $100,000 next year.

On October 18, Matthew Siegel, head of Reckon's Digital Asset Research, told CNBC in an interview that 'Bitcoin could reach $100,000 next year,' citing concerns over U.S. government debt and fiscal sustainability as supporting factors for Bitcoin's price.

Siegel also noted this current cycle differs from past ones, stating that Bitcoin's volatility has decreased by about 50% compared to four years ago. He explained that global governments facing excessive debt issues are bolstering Bitcoin's resilience.

Institutional demand continues to grow, with Siegel adding that conversations with investment advisors and sovereign wealth funds indicate they are all buying Bitcoin.

As of 3:30 PM today, Bitcoin was trading at $77,473, up 1.37% from the previous day according to CoinMarketCap.