Bitcoin Performs More than Expected Analysts and Experts Voice their Concern
Nov 30, 2017 Posted / 3014 Views
Bitcoin investors are very optimistic that this spike in price will not have a dive anytime soon anticipating more increase in price of Bitcoin. It is estimated that about 500,000 people join the Bitcoin market every day and everything with a Bitcoin Tag attached to it seems to turn into a goal field from bitcoin domain names to Bitcoin related stocks. Mike Novogratz, former hedge fund manager and Bitcoin investors believes that Bitcoin price will increase by 400% by the end of next year. Mr. Novogratz believes that Bitcoin is currency undervalued and he thinks in 10, 20, or 30 years’ time the true value of Bitcoin will be realized. He CNBC’s Fast money TV program that,
“The price of Bitcoin Could be, $40,000 by the end of 2018 it is also possible that Ethereum which is currently valued at only $500 will triple in price by the end of next year”
Meanwhile the upward going trend in the price of Bitcoin is expected to keep going for quite some time till it reaches the maximum price before possibly stabilizing. Thomas Gluckman head of marketing at Hong Kong’s Cryptocurrency exchange Gatecoin is also optimistic that there is still more room for growth of Bitcoin and other Cryptocurrency. He told Bloomberg that,
“Bitcoin is still very highly undervalued, in a long term perspective. If we take a look at the long term potential of the Technology in the next 10,20or 60 years $10,000 per Bitcoin is really an under valuation”
In the past 24 hours alone google search of the phrase Bitcoin Bubble was recorded more than several millions times following the rise in the number of analyst and investors in the Bitcoin ecosystem. Ken Griffin founder of Citadel, a global investment fund said during a CNBC question and answer session that, the spike in Bitcoin price is just a bubble which ends in tears in most cases. This has been what investors of Mr. Griffin Hierarchy have been saying since Bitcoin price was just over $300 yet Bitcoin continued to defy all odds and progress with a continuous increase in value.
The main central Banking system of the United states which actually controls many international financial institutions like the World Bank and the International Monetary Fund (IMF). Art Cashin, a legendary New York Stock Exchange floor Trader and Director of floor operations for UBS. Told CNBC that,
“some people in the federal reserve are getting scared and worried about the unprecedented rise in the price of Bitcoin. This is the fear of the missing out phase where individuals and organizations see the huge profits in Bitcoin just passing by”
The rise in the price of Bitcoin could not be compared with any major financial event in History. Only the climaxing of the Dow Jones Industrial average by about 82% in 1915 could come nearer in comparison yet Bitcoin’s was by more than 800%. One Bitcoiner recently shared how he risked it all for Bitcoin when he took out his house Equity worth $325k and invested the money on Bitcoin. After initially receiving abuse of how he wasted his house via reddit, his investment currently stands at an amazing $1.9 million.
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
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