- Telecommunications Giant Vodafone Leaves the Libra Association
- Group of Central Banks Assesses Developing Central Bank Digital Currencies
- South Korea Might Impose 20 Percent Tax on Cryptocurrency Profits
- Report: Terrorists Increasingly Use Crypto to Raise Funds Anonymously
- Canadian Securities Administrators Subject Crypto Exchanges to Securities Laws
By December 2018, Bitcoin and other popular cryptocurrencies lost more than 80% of their total gain and reached the bottom since the all-time high prices to which they had soared in 2017. Bitcoin, Ethereum, Bitcoin Cash, Ripple, etc. were some of the top losers that drove the crypto market down to its knees.
The crash of the crypto market (leading by Bitcoin that bottomed down to $3,000 from its all-time high of around $20K) made many investors to pull their capital out. However, some took it as an opportunity to accumulate Bitcoin and other cryptocurrencies when cryptocurrency prices were extremely low.
Different analysts have presented their views on the fall of the crypto market and most of them remained optimistic, believing that Bitcoin will touch record-breaking highs again and the recent fall doesn’t mean the end of the cryptocurrency market. Let’s see what these analysts have to say about the crypto market now, particularly on Bitcoin’s price, which is the strongest force in the crypto sphere.
Oliver Isaacs, a renowned analyst of cryptocurrency and specifically Bitcoin, predicted in The Independent:
“I believe bitcoin has the potential to hit $25,000 by the end of 2019 or early 2020… There are multiple drivers behind the recent resurgence. There are geopolitical, technological and regulatory drivers. The net effect of the trade war between the US and China has led to the sudden interest in bitcoin as a hedge on investments.”
Mr. Isaac further believes that Bitcoin is one of the greatest investment vehicles, saying that investors have now started to accept Bitcoin as an established safe haven that operates in a market that is finally being protected through regulatory oversight.
Major organizations and retailers accepting Bitcoin and other cryptocurrencies for payments is another boost that may accelerate cryptocurrency prices and drive the entire crypto market upwards. Recent major retailers that have recently begun accepting cryptocurrency payments are communication giant AT&T, Swiss retailer Digitec Galaxus and even the major Portuguese football club Benfica.
Prominent Venture Capitalist: Bitcoin Will Reach $250,000 by 2023
Billionaire investor and venture capitalist Tim Draper, who reportedly is interested in Facebook new crypto project, remarkably stated:
“It’s going to keep going [up in price] because I’m a believer that in four years, something like that, bitcoin will be about a 5 percent market share of the Earth.”
Mr. Draper also predicted, when Bitcoin was trading at $5,000, that its price will reach $250,000 by 2023. He also believes that Bitcoin may soon replace other payment gateways and said
“I think when you go to Starbucks to buy a cup of coffee, and you try to pay with dollars, they will laugh at you because you are not using bitcoin or other cryptocurrencies … It will be like the old lady paying out with pennies.”
Indeed, these will be fascinating and exciting days.