Russian banking giant VTB sees BTC price doubling in the 'medium term'

The value of Bitcoin may double in the not-so-distant future, according to one of Russia’s main banking and investment services ￰0￱ forecast comes amid a wave of price predictions triggered by the latest all-time high of the cryptocurrency with the largest market ￰1￱ bank sees Bitcoin selling much higher The price of Bitcoin (BTC) may reach the range of $200,000 – $250,000 in the medium term, analysts at VTB My Investments are ￰2￱ forecast was made public by Artyom Markin, investment advisor at VTB, Russia’s second-largest banking institution, formerly known as ￰3￱ Investments is the brokerage arm of the majority state-owned VTB, a leading provider of banking and investment products on the Russian market, where crypto derivatives , including Bitcoin futures , have been gaining traction.

“The rate set a new historic maximum literally yesterday, having moved above $125,000, and according to our estimates, the growth potential is far from being depleted,” Markin commented during the VTB-organized “Russia Calling! Yekaterinburg” investment ￰4￱ by the TASS news agency and the Russian crypto news outlet ￰5￱ on Tuesday, the expert elaborated: “The move to $150,000 can be expected in the near term, and up to $200,000 – 250,000 per Bitcoin in the medium term.” BTC hit a new all-time high this week by exceeding $127,000 on Monday after first breaking above $125,000 per coin on ￰6￱ previous ATH was in mid-August, when it almost touched $124,500.

Markin further emphasized BTC’s limited supply, pointing out that most of the coins have already been minted, explaining: “This means that supply is objectively limited, while demand continues to grow, supporting its price.” Pavel Durov, founder of the popular messenger Telegram, recently shared his belief that Bitcoin will eventually hit $1 million, citing the same reasons. A Russian financial analyst later agreed that this could happen in the next 5 to 10 years. 7-day price chart,), now available to qualified investors in Russia, can be an acceptable investment ￰7￱ regulators in Moscow, mainly the Central Bank of Russia (CBR), remain stubbornly opposed to legalizing the free circulation of cryptocurrencies like Bitcoin and direct investments in them.

However, the monetary authority proposed in March a special “experimental legal regime” that allows Russian companies to use coins in foreign trade, bypassing financial restrictions imposed by the West over Moscow’s war in Ukraine. VTB, a major player in the Russian banking sector, serving both retail and corporate clients, was sanctioned by the U. S., the European Union, and the ￰8￱ a decade ago. Then, in May, the CBR authorized financial firms to offer crypto derivatives to a small group of “ highly qualified ” investors, a move both approved and, at the same time, criticized by the country’s crypto community over restricting access for anyone else but corporations and rich ￰9￱ Ministry of Finance has been more open to Bitcoin, calling for easing the requirements for admitting investors to the strictly supervised crypto market and urging a national strategy for digital assets that would allow Russia to use cryptocurrencies in support of economic ￰10￱ up to Bybit and start trading with $30,050 in welcome gifts