Kenetic Capital's partner said it was expecting bitcoin to reach $ 50,000 by the end of 2018, while the cryptocurrency market.
Speaking on Bloomberg TV, Jehan Chu, said:
I think we are going to see $ 50,000 by the end of 2018 for bitcoin. I think that with the one-two punch with the Cboe and CME, I think the world is now watching what's going to happen and what the real liquidity that can come into this market really looks like.
The Chicago-based stock exchanges, Cboe and CME, will launch their Bitcoin futures at the end of the month, helping to push the market price up to record levels. Just today, it has been reported that cryptocurrency has increased by 10 percent, close to the $ 13,000 barrier.
Speaking of how digital currencies are perceived in Asia relative to the United States, Chu argued that the Asian market is much more "agile" than its counterpart, including China, despite its crackdown on initial offers of domestic digital currency exchange coins.
Interestingly, he stated:
China is actually one of the fastest companies to adopt at a enterprising level blockchain technology.
It is also the view that the PBoC's efforts to develop its own cryptocurrency place a lot of weight on the validity of digital currency at a sovereign level in general, adding:
I think in 2018 we will see the first digital currency supported by the state in one form or another and I bet it will come from Asia.
When asked if South Korea is interested in the cryptocurrency space because of North Korea and its use of bitcoin as a safe haven, Chu responded in the negative. According to him, South Korea is focusing on this space because "they have a culture of commerce." As they are familiar with Forex trading and equities, Chu believes that trading in digital currencies eases the transition.
I'm not sure it has a lot to do with politics between North and South, but I think wherever you see a population that is comfortable with trade like the Japan, and even Hong Kong up to a certain point, and especially in China, you will see a lot of interest in cryptocurrency and I see that it exponentially increases.
Mike Novogratz, billionaire hedge fund manager, is another bullish individual on the price of bitcoin. Last month, he said that he could "easily" reach $ 40,000 by the end of 2018.
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