The cost of bitcoin fell below $4,000. The fall of the market causes pessimism among some participants of the crypto community. But some escaped the negative attitude. There are experts that give quite encouraging forecasts.
Sonny Singh, the Chief Commercial Officer of Bitpay, believes that the implementation of all conceived projects for institutional investors will be able to bring the cryptocurrency market to the growth trajectory. And in the end, the cost of bitcoin will be $15-20 thousand by the end of the next year.
He believes that in order to implement such a scenario, it is necessary that bitcoin ETFs finally get launched, and companies such as Fidelity, BlackRock, Square, and Bakkt not only have to launch their own cryptocurrency financial instruments and find the demand for them, but also start supporting the demand for the same bitcoin ETF, if allowed.
Singh reminds that Bakkt is ready to offer bitcoin futures on the terms of a one-day contract execution, which will be transferred to the buyer's account of such a fixed-term contract 24 hours after its conclusion. However, it is worth noting that the platform postponed the launch of this financial product to January of next year.
Tim Draper, a well-known venture capital investor who had previously predicted the rise of bitcoin to $250,000 by 2022, is still convinced that in the future the entire global economy will make a turn towards cryptocurrency. According to experts, at the moment there is about $86 trillion worth of state currencies, while the total capitalization of the market at the time of this writing is about $125 billion. This ratio will inevitably change, because cryptocurrency is faster and cheaper to maintain.
Draper explained that with the help of cryptocurrency, people can easily pay or invest, since digital assets run smoothly and are cheaper. Therefore, in his opinion, people will change fiat for virtual currencies. According to him, it will be a big mistake to try to cling to the old traditional currencies, and that is why small countries are becoming more and more open to cryptocurrencies, ICO, and blockchain technology.
The expert also believes that little time will pass before the ratio between cryptocurrencies and fiat becomes 50 to 50, and it will be easier to spend bitcoins or invest it than using the dollar.
Chief of Genesis Trading & Genesis Capital Trading Michael Moro in a conversation with CNBC expressed an opinion that the fall in the price of the first cryptocurrency would stop at around $3,000. The analyst is also confident that long-term investors are set to hold their current positions and are counting on a price recovery.
He recalled that this is already the fifth or sixth drop of more than 75% for the entire ten-year history of bitcoin. Moreau believes that institutional investors are seriously concerned about what bitcoin prices will be like in 2018, since they are focused on a 3-5 year perspective.
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