BitMEX CEO: Bitcoin will reach $100K; it’s up to the crypto industry to support regulators

By: Daniela Kirova
Daniela Kirova
Daniela was born in Bulgaria, grew up in Chicago, and then moved to Michigan to attend the University of… read more.
on Oct 8, 2021
  • Crypto firms can actually be the next financing means for soccer clubs
  • Mass market movement into crypto isn’t only from the retail, but also from the government side
  • Exchanges have created infrastructure to enable tokenization, best crypto for financing is different issue

BitMEX CEO Alex Hoptner said crypto firms could be the ‘next financing means’ for soccer clubs. According to him, tokenization of assets is a big thing going forward as an alternative financing means for soccer clubs and to bring fans closer to the clubs.

He addresses concerns around regulation and the volatility of cryptocurrencies when used as a financing tool in an interview with CNBC, given on occasion of BitMEX’s teaming up with AC Milan as its first ever sleeve partner.  

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Hoptner said:

Tokenization of assets is a big thing going forward, as we see in the NFT space. Being in the middle of mass market retail movement, crypto firms can actually be the next financing means for these clubs.

He added that fans of mass football teams are really interested in tokens and this drives support for the clubs.

Governments have little control

When asked about regulation and the fact that some countries aren’t that keen on crypto, China being an obvious example, he responded that the mass market movement into crypto isn’t only from the retail, but also from the government side, giving El Salvador as an example. This is driving crypto. He commented that it was “up to the industry to support the regulators”, suggesting that governments have little to no control over the market, as well they shouldn’t.  

Is volatility an impediment to soccer financing?

How much of an impediment is volatility when it comes to partnering with sports teams and sponsorship? Don’t teams want at least some certainty? The CEO of BitMEX differentiated between Bitcoin (BTC/USD) and coins in general and the infrastructure exchanges have created to enable tokenization. He said the right crypto for financing was a different question.

Bitcoin has high chances of reaching $100K

He concludes with the brave prognosis that Bitcoin would reach $100,000:

This year, we’ve seen tremendous growth in the direction of Bitcoin and I see a lot of possibilities for Bitcoin to reach $100,000 with countries adopting it (as legal tender), with market movement, with a combination of sports and crypto, I see a high chance to reach that level.

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