In a recent interview with CNBC, CEO of Genesis Global Trading, Michael Moro, stated that bitcoin (BTC) has to prove itself as a digital gold.
Moro said:
“Whether Bitcoin is ultimately a digital form of gold, I think that question is still very much an open-ended question. I do think that investors believe that it is digital gold and use that as a case to buy the asset, but it needs to prove itself as digital gold.”
A month of calm trading for #bitcoin has investors asking, 'Is it finally digital gold?' @MichaelMoro gives his take. pic.twitter.com/h9FcM3MXId
— CNBC's Fast Money (@CNBCFastMoney) October 18, 2018
Later Moro shared his vision on how low will bitcoin price go in the near future. According to Genesis CEO prediction, the price of bitcoin won’t likely hit $5,000 flat.
He stated:
“The last time I was on this show [CNBC], I said that we were more likely to see $10,000 in Bitcoin then $5,000. So far, I’m not wrong. So I am still sticking by that prediction. Because of what we are seeing in the ebbs and flows on the loans side [of our business] I have that confidence that I don’t think we will see $5,000 flat. [However,] timing wise, I am not too sure when this is going to happen.”
Genesis Global Trading, is a cryptocurrency broker for large-volume trading starting from $75,000, which is operating under a safe harbor provision in NY.