Nic Carter, the founding partner of Castle Island Ventures and co-founder of Coin Metrics, remains confident that Bitcoin (BTC) will reach six figures this year, citing a looming debt crisis as a catalyst. In an interview with Kitco News, Carter stated that despite the recent market pullback, Bitcoin has the potential to reach $100,000 by 2024.

“At the beginning of the year, Bitcoin was trading around $30,000 to $40,000. I predicted that it could reach $80,000 at some point this year, and we came very close to hitting that recently. So, $100,000 is definitely within the realm of possibility for this year,” said Carter.

When asked if $100,000 is still his price target for 2024, Carter responded affirmatively, stating, “Undeniably. And as we look ahead to the next two or three years, I’m very optimistic about the price. The Bitcoin thesis has been validated, especially with the SEC’s approval of the exchange-traded fund (ETF). We are also witnessing other jurisdictions approving ETFs, with Hong Kong being a fast follower.”

Carter also highlighted several reasons for his bullish outlook on Bitcoin, including the advancement of layer-2 projects within the Bitcoin network and its potential as a safe haven asset amid increasing national debts and high inflation.

“Bitcoin has distinguished itself from the rest of the crypto economy. The emergence of new layer-2 networks on Bitcoin is very exciting, as it allows for technological parity with Ethereum. The Bitcoin network itself is being upgraded in real time,” explained Carter.

Furthermore, he emphasized the looming debt crisis faced by developed nations, particularly the United States, as a fundamental driver for Bitcoin’s growth. Carter believes that monetary repression, yield curve control, and high inflation will lead investors to seek safe havens and alternative asset classes.

“Bitcoin has now been recognized as an asset class in its own right, with efficient tools for access available to anyone in the US. This fundamental trend remains unchanged, regardless of short-term fluctuations related to events like the halving,” Carter added.

At the time of writing, Bitcoin is trading at $62,691, representing a decrease of more than 5% in the past 24 hours.