Bitcoin price RISE: Cryptocurrency could top RECORD levels of $50,000 in 2018, says expert
BITCOIN price could rise to levels of up to $50,000 in 2018, over double its highest price in 2017, Blockchain Capital partner Spencer Bogart has said.
Bitcoin expert Spencer Bogart said he is confident the cryptocurrency will “evolve” and “mature” to eventually become a deep market for investors.
Mr Bogart said the Bitcoin price will rise with the help of institutional investors. He told CNBC: “Institutional investors that want to play in this market, even if they do, they are going to wait a little bit and either dip their toes in the water or just wait on the sidelines until they see the products themselves function.”
Despite competitor Ripple attracting attention, Mr Bogart said he is most focussed on Bitcoin in 2018. He said: “I can’t tell you exactly what’s going to happen with price and neither can anybody.
“But when I look out over the next 12 months, what I see is a significant supply and demand imbalance at the current price levels.
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I think we’ll have to force Bitcoin price higher
“I think we’ll have to force price higher. If you think about the supply side of that equation, the majority of Bitcoin is again locked down with long terms holders. So there’s not a lot of supply available.
“And meanwhile, we have this new uptick on the retail side.”
According to a survey conducted at the end of October by a Harris poll, less than two percent of people in the US own Bitcoin but 19 percent of people have said they are likely to buy in the next five years.
Mr Bogart said: “That would be a 10x increase in adoption right there.”
The Bitcoin expert said he indicated trends in the cryptocurrency by looking at the younger generation rather than the older generation. He said the polls showed 32 percent of millennials indicated they would like to buy Bitcoin in the next five years.
According to CoinDesk, bitcoin was down 4.11 percent to $14,512.26 at 08:34 GMT, on January 4.
The cryptocurrency had risen above the $15,000 mark on January 3 following news Paypal founder Peter Thiel’s investment arm, had purchased hundreds of millions of the cryptocurrency.
Bitcoin saw its highest value before Christmas when it reached the monumental price of just under $20,000.
But financial experts have discouraged people to buy and trade with bitcoin due to its volatility. The finance experts are of the opinion that the Bitcoin bubble is ready to burst.
