Presto executive Peter Chung reaffirms his bullish stance on Bitcoin price, reiterating a $210K price target for 2025

Presto executive Peter Chung has reaffirmed the bullish stance of his company on Bitcoin price. Chung, in a recent CNBC interview, said that they did not alter their market view.

Peter Chung, executive at Presto, has maintained his company’s upbeat view on Bitcoin price despite recent market volatility.

In an interview with CNBC on Wednesday, Chung said they did not alter their market view.

The price forecast comes as Chung referred to as a “healthy correction” in the crypto market. He suggested that the recent pullback has “paved the way for the further rewriting of Bitcoin as a mainstream asset.” His indication is that the temporary setback could strengthen Bitcoin’s positioning in the financial ecosystem.

Peter Chung maintains his Bitcoin price target

Chung maintained a Bitcoin price target of $210,000 for 2025 despite recent market volatility. “So Bitcoin target price remains $210,000 and driven by institutional adoption and global liquidity expansion,” Chung stated in the interview.

He offered insights into Bitcoin’s market behavior, describing it as having “two faces.” These are functioning as both digital gold and a risk-on asset depending on market conditions.

Chung clarified that Bitcoin generally acts as a risk-on asset under regular market times. This is because its value is sourced from “user adoption and network effect, very much like an internet company.”

But Chung noted that Bitcoin displays gold-like characteristics under certain crisis situations, especially “when the market has concerns regarding the stability of the US dollar-dominated financial system.” He cited several historical examples where this pattern emerged. This includes the Russian invasion of Ukraine in early 2022, the Silicon Valley Bank collapse in early 2023, and most recently, in the aftermath of the “Liberation Day” tariff announcements.

“It was during a crisis that the Bitcoin behaves like gold because it’s designed after the physical gold in terms of digital scarcity and so forth,” Chung stated.

This dual nature helps explain Bitcoin’s recent price action during April’s market volatility, according to Chung. “Bitcoin is just doing what it does, which is sometimes it acts like a risk-on asset most of the time. But during the crisis, it acts like gold. And that’s what we saw in the month of April.”

Chung views the market correction as healthy

While acknowledging that macro events haven’t happened as anticipated, Chung mentioned the recent market pullback as ultimately beneficial for Bitcoin’s long-term prospects.

“In hindsight, I think it was actually a healthy correction, which have paved the way for the further rewriting of the Bitcoin as a mainstream asset,” he stated during the interview.

This perspective suggests that Presto’s analysis views temporary price declines as opportunities for market participants to reassess Bitcoin’s fundamental value proposition and role within investment portfolios. Chung mentioned that his team has been focused on deciding whether the recent volatility revealed any structural issues in crypto markets.

The comments from Chung come as MicroStrategy has now scooped up 15,355 Bitcoin for $1.42 billion. These acquisitions from large firms can help drive the price of Bitcoin higher in the long term.

As per the latest data, the Bitcoin price is trading at $93,000 at press time.