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Bitcoin could turn a safe haven for investment professionals if the traditional monetary system disappearances, says an analyst at prominent social trading platform eToro.
Signifying to Russia Today, Mikhail Mashchenko, said:
The demand for bitcoin is prospering as the crypto market has become less volatile, and an increasing number of mistress investors see it as insurance.
His comments come at a time when the digital currency superstore is experiencing record highs. Earlier today, it was reported that bitcoin was within moving distance of $10,000 when it reached $9,771 for the first time. As a issue of rising cryptocurrency prices, the combined market value has reached over $300 billion, coinciding to CoinMarketCap, making it more valuable than Visa. Not only that, but sure events are taking place in the sector, helping to bump the cryptocurrency’s cost up.
Next month, the Chicago Mercantile Exchange Group (CME) is planning to fling a bitcoin futures contracts, pending regulatory approval. Wall In someones bailiwick bank JPMorgan Chase is also considering helping its clients to bet on the bounty of the digital currency with its own bitcoin futures. This is despite the truly that Jamie Dimon, CEO, has criticised the cryptocurrency in the past.
Yet, regardless of this, some hedge wherewithal platforms are avoiding the cryptocurrency as they fear it may be a fad.
Mashchenko believes, still, that we may see the digital currency reach $10,000 ‘in a month or so,’ adding:
Anyway, such a surge will be based on emotions, not on fundamental factors. So, depth growth of the cryptocurrency will require something more than euphoria.
Billionaire wholesaler and hedge fund manager Mike Novogratz is of the opinion that $10,000 force be achieved for the cryptocurrency before the end of the year. He believes this is because of a fall short of of trust with central banks, consensus, and scarcity. In a previous to in October, the former Fortress manager stated that the Wall Byway someones cup of tea ‘herd‘ will carry the bitcoin price to $10,000 within six to 10 months.
With the digital currency comely the world’s 30th largest currency, many are closely watching there it require head to next, whether that’s up or down in price. Ronnie Moas, sink of Standpoint Research, thinks that it has the potential to reach $14,000 in 2018 after emending his price target from $11,000.
Since the beginning of 2017, bitcoin’s cost out has surged 870 percent in value. At the start of January, it was trading at $1,000 and at the constantly of publishing it is valued at $9,702, figures from CoinMarketCap indicate.
Took image from Shutterstock.