Wait! what? Bitcoin could plunge again! says a cryptocurrency entrepreneur.
Dec 27, 2017 Posted / 2813 Views
Julian Hosp, the Cryptocurrency industrialist states that bitcoin's quick rise has not ended up till now but there's a vicious circle.
Hosp is a Co-founder plus the president of TenX, a firm that wants to put together it easier for people to expend digital currencies.
He said that "I think we are going to see bitcoin hitting the $60,000 dollar mark, however I also think we are going to see bitcoin hitting the $5,000 dollar mark, the question is tough, Which one is it going to hit first?” in an interview with CNBC.
Several high-profile critics plus several national governments have presaged of the risks of investing in cryptocurrencies, which they say are probably to collapse for the reason that zilch strengthens their price.
Hosp's estimation refers to a $45,000 rally from the present value of bitcoin or a $10,000 crumple, thus giving emphasis to the instability of the world's major cryptocurrency.
After going up to a sky-scraping record above $19,800 halfway through December, bitcoin prices dried up last Friday. The virtual currency went astray to a third of its price in a single day, temporarily dropping below $11,000 before repossession some of the ground it lost.
Hosp further said that "Industry insiders had expected the price of bitcoin to fall, given the "dangerous" elevation of value that it has seen over the past few months."
He further added "This dip for us was very healthy, as well as some of us have used it to buy a little bit more because suddenly we had 40-45 percent discount to all-time highs," Hosp said he's sure that bitcoin will plummet again.
He said "Definitely, I don't think right now, but I think in the long run, we will always see a little bit of an up move, and then a dip down."
Hosp compared the present attention in bitcoin to the dotcom bubble that started about twenty years ago, plus warned that a consolidation of virtual coins is expected to take place in the upcoming days.
He said "I don't think cryptocurrency winter is going to come in the next couple of months, although I think if we look down one to two years, there is actually going to be a big compression in the market, I don't think it's going to be a bubble that's just going to burst as well as everyone is going to lose their money, however I think it's going to be that all the coins and all the assets with very little use or value are going to get sorted out," he said.
He added further "The money is going to flow into those assets in this cryptocurrency space that really deliver value, have new technology, and are being used by people."
Hosp didn't share his feeling on which cryptocurrency the most prolonged existence has; however he did say that firmness of the market will decrease their numbers. "I see bitcoin more as digital gold, rather than a currency that is going to be used on a daily basis," he said.
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 .
Hottest Blockchain Newsletter
For updates and exclusive offers, enter your e-mail below.