Bitcoin value can reach $50k this year

[sakura]

Bitcoin value can reach $50k this year

Bitcoin value has dropped by almost 45% after hitting a high of almost $20k this month but some experts feel the crypto currency is set to climb again in 2018

Investors who joined late will feel the latest headline about Bitcoin value is a bad joke. Most people who invested in Bitcoin recently are sitting on negative equity or have cashed out losing.

Ethereum and Ripple backers have similar stories to share with their Bitcoin owning counterparts. But for portfolio manager Jeet Sign cryptocurrency volatility isn’t surprising and he envisages Bitcoin’s value hitting $50k this year.

Singh gave his views about cryptocurrencies to RT while attending the Davos Economic Forum in Switzerland. He’s been operating in the cryptocurrency space for the last six years. He’s seen similar volatility time and again. And he’s also experienced fluctuations by more than 80% and above on a regular basis.

Singh drew comparisons between cryptocurrency and the early performance of Microsoft and Apple stock.

“If you look at Microsoft or Apple when they went public their stocks were very volatile because the market wasn’t mature,” he said.

The lack of vendors accepting cryptocurrencies as payment results in cryptocurrencies being used more like as a store of value. However, in countries with high inflation (Indonesia and Thailand) cryptocurrencies are more readily accepted.

Bitcoin qualified differently around the world

In different countries bitcoin is qualified differently,” explained Singh. It is a commodity in the US, a currency in Switzerland “but to me it’s more than a currency.”

He predicts “bitcoin could definitely see $50,000 in 2018” but that it’s volatility will continue.

Singh’s outlook should bring some optimism to Bitcoin investors who bought into the digital currency recently and fear for their investment. His observations reinforce the belief that cryptocurrency is here to stay.

Big financial institutions are still wrestling with the dilemma of denouncing cryptocurrency or joining those investing in it.

The combined market value of cryptocurrencies has gone from less than $20bn to more than $540bn making it impossible to ignore.

Blockchain is the shared ledger technology behind cryptocurrencies. It also used to share data between companies, people and institutions.

The technology could also lead to stock exchanges and clearing houses being disintermediated. If smaller banks start using blockchain global forex trading houses like JPMorgan and Citigroup could lose out.

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