Bitcoin price: Trader thinks bitcoin price will soon RALLY for THIS reason
BITCOIN price plunged at the start of the year after reaching an all-time high on just under $20,000 before Christmas but trader Jeff Kilburg claims bitcoin will soon see a boost.
Trader Jeff Kilburg, CEO of KKM Financial, said bitcoin will rally when high profile supporters “say something positive” about the cryptocurrency.
Speaking on CNBC, Mr Kilburg said: “All these people who want access and want allocation to cryptocurrency – that takes time to get those accounts open, so that’s happening.
“But right now, yes, there are cryptocurrency folks still driving around in New York in their Lamborghinis waiting for the price to go back above 8,000.
“But I think it is coming. It has been a slow-moving ship but there has been a quiet period.
Getty•BBC
I think the news cycle, which really drives bitcoin, is due for a pop
“And we haven’t had a boost, we haven’t had somebody come out and really support – if it’s someone saying something positive – we just haven’t seen that in a while.
“I think the news cycle, which really drives bitcoin, is due for a pop.”
Bitcoin price stood at £7,605.11 at 11:30 (BST) on Wednesday, according to CoinDesk.
Bitcoin and other cryptocurrencies have faced criticism by banks and finance experts, with billionaire Bill Gates telling CNBC he would bet against the bitcoin and short it if he could.
The Microsoft co-founder said: “As an asset class, you're not producing anything and so you shouldn't expect it to go up. It's kind of a pure 'greater fool theory' type of investment.”
He added: “I agree I would short it if there was an easy way to do it.”
Former PayPal CEO Bill Harris also claimed bitcoin is the “greatest scam in history”.
The founding PayPal CEO believes there is “no store value” in bitcoin, it should “not be accepted as a means of payment” and has no intrinsic value.