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Bitcoin Price to Hit $50,000 Next Year: Private Venture Capitalist

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Kenetic Extraordinary managing partner has said that he expects bitcoin to reach $50,000 by the end of 2018 as the cryptocurrency make available becomes globally accepted.

Speaking on Bloomberg TV, Jehan Chu, said:

I characterize as we’re going to see $50,000 by the end of 2018 for bitcoin. I think with the one-two clip with the Cboe and CME I think the entire world is on watch now for what is to penetrate and what the real liquidity that can enter this market order actually look like.

Chicago-based exchanges Cboe and CME are to launch their bitcoin expects contracts later this month, which are helping to boost the bounty of the market up to record highs. Just today, it was reported that the cryptocurrency had risen by 10 percent, nearing the $13,000 boundary-line.

Speaking about how digital currencies are perceived in Asia compared to the U.S., Chu reasoned that the Asian market is a lot more ‘nimbler’ than its counterpart, including that of China without considering its crack down on initial coin offerings (ICOs) and domestic digital currency quarrels.

Interestingly, he stated:

China is actually one of the fastest to adopt at an enterprising plane blockchain technology.

He’s also of the opinion that efforts by the PBoC to come out its own cryptocurrency lends a lot of weight to the validity to digital currency at a sovereign rank generally, adding:

I think in 2018 we will see the first state-backed digital currency in one be composed of or another and I bet you it will come from Asia.

When questioned as to whether South Korea has behoove interested in the cryptocurrency space because of North Korea and its use of bitcoin as a appropriate haven, Chu replied in the negative. According to him, South Korea is focusing on this lay out because ‘they have a culture of trading.’ As they are familiar with vocation Forex and stocks, Chu thinks that trading in digital currencies earns for an easy transition.

I’m not sure it has a lot to do with politics between the North and the South, but I do over that anywhere that you see a population which is comfortable with buying like Japan, like Korea, and even Hong Kong to a standing, and specially recreationally in China you’re going to see a lot of interest in cryptocurrency and I see that bloom exponentially.

Billionaire hedge fund manager Mike Novogratz is another bullish singular on the price of bitcoin. Last month, he said that it could ‘without a hitch‘ reach $40,000 by the end of 2018.

Featured image from Shutterstock.

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