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Bitcoin Price Will Reach $ 20,000 Before Tanking: Financial Expert

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Michael Spencer, CEO of NEX Group Plc, financial expert in London, sees the price of bitcoin reach $ 20,000 before quickly reversing it. cadre of financial leaders who claim that bitcoin is a bubble,

Spencer told Guy Johnson at Bloomberg TV in London that he does not know if the price of bitcoin will double before he divides, but said that he could reach $ 20,000 "Damn quickly." Johnson began the interview by referring to bitcoin on Wednesday as "irrational exuberance."

Crypto is here to stay

Spencer acknowledged that cryptocurrencies are here to stay, but said that bitcoin is a bubble.

In July, Spencer said he prefers Ripple and Ethereum to Bitcoin and that he could introduce NEX trading platforms for cryptocurrencies. The problem with any bubble, he said, is that you do not know if it's going to double before it splits in half.

"At some point, it's going to be a hell of a lot," he said.

Bull markets generally reach a point where everyone is bullish, he said, and he does not think bitcoin has reached that point. Recognizing that Bitcoin has a great momentum, Spencer said that there are signs that this is not the time to invest in this bit because others are doing it.

Read also: Jim Cramer, CNBC host Mad Money, joins the bitcoin brigade & # 39; bubble & # 39;

Thumbs up for Blockchain

Spencer, like many other opponents of Bitcoin, is optimistic about the future of blockchain, noting that it has huge implications that extend beyond financial markets.

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He stated that blockchain technology could be used to provide real-time settlement of securities transactions.

The fact that a technology has implications in many industries where it can improve efficiency does not mean that the bull market "can not roll a bit," he said, referring to Bitcoin. He said that there are signs that this is not the time to "hunt just like everyone else".

Spencer also addressed the volatility of stocks, Brexit and other financial topics. NEX Group shares plummeted earlier in November after stating that market conditions posed challenges for its after-sales services and e-commerce.

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