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Bitcoin Is Heading to $75,000, Swiss Bank Chief Says

The cryptocurrency recently traded at $43,799, up 6%. But it is still down more than a third from its Nov. 9 record high.
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Advocates of bitcoin are undaunted, even as the world’s biggest digital currency continues its rollercoaster ride.

Guido Buehler, CEO of Swiss Bank Seba, which focuses on cryptocurrencies, clearly is a believer, saying bitcoin is headed as high as $75,000.

"Our internal valuation models indicate a price right now between $50,000 and $75,000," he told CNBC. "I'm quite confident we are going to see that level. The question is always timing."

To be sure, he also believes bitcoin volatility will remain high.

That volatility is showing through on the upside Wednesday, with the cryptocurrency recently trading at $43,799, up 6%. But it is still down more than a third from its Nov. 9 record high of $68,790.

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While bitcoin bulls see it as a store value, the currency has traded more like a risk asset in recent weeks, often falling in tandem with stocks and bonds. On Monday, it briefly dipped below $40,000 to its lowest level since September.

Anticipation that the Federal Reserve will raise interest rates as soon as March has led some investors to question the strength of risk assets, as rate hikes could easily send them reeling.

But given Wednesday’s gain, plenty of investors obviously still like bitcoin.

Mike Novogratz, cryptocurrency billionaire and founder of the brokerage firm Galaxy Digital, said last week that bitcoin could find a bottom at the $38,000-$40,000 level, according to Bloomberg.

He made clear his long-term bullishness on digital currencies by adding a tattoo inspired by cryptocurrency terra ($LUNA) to his shoulder.