Why 'Human Psychology' Could Drive Bitcoin to $50,000
*By Jacqueline Corba*
Bitcoin soared back above the [$8,000 mark this week for the first time since May](https://cheddar.com/videos/reddit-co-founder-on-the-state-of-cryptocurrency). The surge comes as more institutional investors look to grab a piece of the still-emerging crypto market.
"From a stored value perspective I'm a Bitcoin maximalist," [Fin co-CEO and co-Founder Sam Lessin](https://cheddar.com/videos/tech-entrepreneur-sam-lessin-authors-childrens-book-on-bitcoin) told Cheddar's Crypto Craze Thursday. "If you look at the broader blockchain and crypto ecosystem, I don't think people fully appreciate how deeply big a deal it is to have an immutable ledger globally."
Lessin, who served as a vice president of product management at Facebook from 2010 to 2014, joins fellow Facebook alum Anthony Pompliano in his bullish outlook on Bitcoin, the largest digital currency by market cap.
"I've got a high degree of confidence that at some point in the future its going to hit $50,000. And I've got some degree of confidence that it will be by the end of this year," Pompliano, who now runs Morgan Creek Digital Assets, told Cheddar.
The factors driving the value up? Human psychology, speculation around a [cryptocurrency ETF](https://www.coindesk.com/bitwise-proposes-etf-for-top-10-cryptos/), and growing institutional interest, said Pompliano.
Facebook itself even wants in on crypto. In May, [Cheddar reported Facebook is developing its own digital currency](https://cheddar.com/videos/facebook-plans-to-create-its-own-cryptocurrency-2).
"I have a lot of respect for the Facebook team," said Lessin. "What they have is a fundamental networkーthe biggest one ever in the history of the world connecting people." He called a Facebook move toward crypto an "obvious play."
For full interview, [click here] (https://cms.cheddar.com/videos/VmlkZW8tMjExNzY=).
Keith Fitz-Gerald, chief investment officer at Fitz-Gerald Group, spoke to Cheddar about the growing competition for Tesla's electric cars in China as tech giant Huawei enters the race. "There's a lot of legacy worry, but that does not discount the possibility that Elon might have a contender on his hands," he said about the sometimes troubled telecom company. Fitz-Gerald also gave a nod to two other local rivals, Nio and XPeng, noting the latter as having something of an edge with its CEO He Xiopeng being lauded by Chinese state media.
2021 was a wild ride for the world of cryptos. Both Bitcoin and Etherum hit new all-time highs, as well as other coins like SHIB-INU. According to several experts, crypto is here to stay and is expected to blast off in the year 2022 as more and more people invest in the crypto world. The host of "The O Show" Wendy O, joined Cheddar to discuss more.
Over the past year, the new love for gaming has created a huge demand for the consumption of content on streaming platforms. All this has caused a rise in gaming influencers all over the world. Founder of Viral Nation Joe Gagliese and Digital Video Executive Andrew Wall, joined Cheddar to discuss more.
Nikola announced that it delivered its first electric semi trucks last week, sending the embattled EV company's stock soaring. There is a lot of competition in this space, though, said Lauren Fix, an automotive analyst with Car Coach Reports. While every country has companies racing to dominate the electric trucking industry, she explained, a shortage of graphite, used in batteries, and a dearth of convenient charging stations will still keep growth slow in 2022. "You really have to be very careful when you're investing in this marketplace," Fix said. "That's great that [Nikola was] able to deliver one, but can they deliver more?"
Carlo and Baker kick off the weirdest week of the year with all the news you missed over the holiday weekend, including calls for the CDC to shorten its isolation window as Omicron sweeps through the country.
