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Bitcoin Price will reach $ 60,000 before crashing to $ 1,000 in 2018 is the "outrageous" prediction of Saxo Bank

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"Bitcoin is thrown to wolves", title headline, punctuating the tail of the prediction of Saxo Bank that the price of bitcoin will rise above $ 60,000 in 2018 before crumbling more than 98% to achieve its "basic production cost" of $ 1,000. "

The Danish Investment Bank has published this forecast in its annual publication "Extravagant Predictions" which aims to identify "highly improbable events with an underestimated potential."

"The rise of Bitcoin and other cryptocurrencies has been one of the most dramatic phenomena of financial markets in recent years," write two analysts of Saxo. "Bitcoin will continue to rise – and soar – during most of 2018, but Russia and China will together create a crash."

The bank predicts that, fueled by a prolonged rise in the advent of bitcoin derivatives, the price of bitcoin will increase by about 400% from its current level to capped at $ 60,000, bringing its market capitalization at $ 1 trillion.

However, warns Saxo, the meteoric rise of Bitcoin will be matched by the rate of his disappearance. Concerned about capital flight, China and Russia will launch a multi-faceted onslaught on the decentralized cryptocurrency ecosystem to "divert Bitcoin's attention." In addition to creating their own state cryptocurrencies, both governments will ban mining, citing environmental concerns, although their real priority is to keep an eye on national monetary policy.

Hard-core Bitcoin will not give up without a fight, but the bank predicts that state-run crypto-currencies will work better as real payment systems, putting an end to the two-year crypto craze and driving down the price bitcoin at $ 1,000.

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"The proper functioning of state protocols for real payments and price stability, as well as the massive intervention of the state, arouse decreasing interest for all cryptocurrences and completely dismisses the Bitcoin phenomenon and crypto from an angle of price speculation even as the technological promise of the blockchain gallops, "concludes Saxo." After its spectacular spike in 2018, Bitcoin crushes and drinks in 2019 close to its "cost "basic production of $ 1,000."

Remember, these predictions are a little ironic – the bank deliberately concocts some unlikely scenarios. However, Saxo announced "huge gains for bitcoin" in the last year's edition, although the bank's "outrageous" prediction that bitcoin would reach $ 2,100 has been proven extremely conservative.

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