Yulong Liu, Head of Global Partnership at Babel Finance, has provided his most recent forecast for Bitcoin's market price. Yulong Liu made the comments at the Bitcoin Conference 2022. He believes that increased global instability is boosting mainstream investors' interest in cryptocurrencies, which is predicted to propel Bitcoin's price to a new all-time high in 2022.

As a result of the conflict in Ukraine, cryptocurrencies are gaining popularity among mainstream investors. To mitigate risks, sovereign wealth funds and high net worth individuals are contemplating diversifying away from traditional investments.

"We are seeing an increasing number of inquiries from traditional investors and clients who want to diversify their portfolios by investing in crypto assets. We anticipate that these needs will continue to drive Bitcoin's price higher, with the possibility of a new all-time high this year," Yulong Liu stated.

More clarity on Asia's regulatory rules is also likely to help many conventional Asian investors overcome their reservations about investing in crypto assets. Singapore has enacted legislation mandating virtual asset service providers in the city-state that solely do business overseas to be licensed after prohibiting the advertising of investing in crypto assets to retail investors in November 2021.

Based in Babel Finance's Singapore office, Yulong Liu said, "We think these measures are consistent with the Singapore regulator's perspective of progressively developing a suitable regulatory regime for cryptocurrency firms while prioritizing investor safety over outright bans and limits. As these regulatory frameworks improve, Bitcoin firms that adapt will have access to stronger development prospects."