[2018-01-28] Bitcoin bombshell: Cryptocurrency could hit $50,000 THIS YEAR

[cybersofts]

Bitcoin bombshell: Cryptocurrency could hit $50,000 THIS YEAR in new prediction



BITCOIN could hit $50,000 (£35,000) this year, but cryptocurrency will remain volatile as it enjoys its meteoric rise, an expert has predicted.

Jeet Singh, a cryptocurrency portfolio manager for the last six years, says it is common for virtual currencies to fluctuate by 70 or 80 percent.

Speaking at the World Economic Forum in Davos, he compared cryptocurrencies such as bitcoin and Ripple to early tech giants like Microsoft.

He said: "If you look at Microsoft or Apple, when they went public their stocks were very volatile because the market wasn’t mature."

The volatility of the market may have worried newer cryptocurrency traders, but long-time investors are less concerned, as they are used to some fluctuations, Mr. Singh explained.

As the market for bitcoin becomes more mainstream, and traders begin to better understand cryptocurrencies, some of this volatility is likely to calm do.

Mr. Singh predicts: "Bitcoin could definitely see $50,000 in 2018."

However, he added: "We will probably go through a suffering period of volatility" around the time of Bitcoin’s next $10,000 landmark.

Bitcoin’s volatility has led traditional financial experts to slam the investment, claiming it is a "bubble" doomed to crash and burn.


Bank of Canada boss Stephen Poloz claimed crypto would never be used as a real currency, branding it a form of "gambling" rather than a legitimate investment.

Delivering a stark warning to investors, he said: "A lot of words have been used but I think the main thing is, buyers should be aware it is much closer to gambling than investing."

He claimed cryptocurrencies have no intrinsic value and would not be seen as "assets" in the same strain as other investments.

Mr. Poloz said: "They are not assets, really, for the most part. I suppose they are securities, technically.
 
"But tax authorities treat them as securities. Because you have to pay tax on a capital gain or loss."

However, Mr. Singh said he believed cryptocurrencies would be used transactions in increasing measure in the coming months and years.

He claimed: "There are not so many vendors right now who accept cryptocurrencies but there’s huge adoption on the black market."

Adoption has begun principally in countries with unstable national currencies but is set to extend, he claimed.


Source: https://www.express.co.uk/news/world/911036/Bitcoin-cryptocurrency-2018-expert-predictions-50k-35k

[Giftcoins]

We a hearing from alot of source that bitcoin will hit 30-50-100k some tell that we hit 1mil $ price , but i think bitcoin will need good time to attack new maximum 20k and higher .
Also big investors came already from this 10k price , so they need to make 2-3x i think , so everything could be.

[Lucius]

Nothing new that we have not heard before,but 50 000$ it is still too much for this year in my personal opinion.But the beginning of the year can be tricky and in this moment price is far and away from 15 000$,so that this speculation may seem too excessive.

But I still believe there is something in that price range around 40 000$-50 000$ which some speculate(Mike Novogratz 40 000$),so I still leave the possibility that something like this can be achieved.Although in such speculation volatility is something which stand next to BTC as a major feature.

However even if price reaches that levels,correction will be unavoidable and it is anticipated that it could be about 50%.But I hope that with SegWit and LN, high fees and hundreds of thousands of unconfirmed transactions will not be a factor that will affect the price.

[Ligareaux]

Bitcoin price will be like this month, volatile, very volatile, best scenario $ 20,000 IMHO

[MoonJeina]

There is absolutely no denying in the fact that bitcoin has always been "volatile" and will tend to be the same for the time to come .
It is rightly said that any new venture at the beginning shows a lot of volatility in terms of getting some good reputation and investors in the market . For , Bitcoin that phase has come now , after years of its inception .
Bitcoin has now successfully emerged as a popular name among the world but its world domination is still a big task to attain . Even though bitcoin has come to the unbelievable mark of $10,000 in 017 , makes me think less about it touching $50,000 this year . The cryptocurrency market has not started on a good note this year with all the coins going red till now . If the price remains at the same level it would be very difficult to attain any good marks . The unconfirmed transactions and the fees has to resolved in order to see some head start for bitcoin this year .

[Proton2233]

Such predictions on this forum very much. Just make them less famous people. I don't see what is the basis of these forecasts. He did not mention any causes or markers of this growth. I was funny to read his statement. I think that the scalability problem of bitcoin is more important than its price. But this is no news.

[greeklogos]

We a hearing from alot of source that bitcoin will hit 30-50-100k some tell that we hit 1mil $ price , but i think bitcoin will need good time to attack new maximum 20k and higher .
Also big investors came already from this 10k price , so they need to make 2-3x i think , so everything could be.

Bitcoin actually reached 20k$ price already, but then followed this big drop in which we are still sitting. I think after we will come back on 20k$ bitcoin will start it's new bull run and we will see one record by another.

[J. Cooper]

It's great that a lot more people are realizing the potential that bitcoin will have this year, price wise. But at the end of the day it's all just speculation. It doesn't matter if you're the boss of the bank of Canada or a McDonald's employee. Everybody is just guessing what the price could be. Could it be $50K this year. Yea sure why not. Could it be $5k? Yea sure. But is it likely? No.

[Aikidoka]

Many experts said bitcoin would reach 50k$ last year. It did not happen anyway. Therefore, I assume it will be the same. Perhaps it will go higher than the actual price or lower because nothing is predictable and because bitcoin is certainly unpredictable. In my opinion, I strongly want it to increase and reach 50k$. However, I do not want the transaction fees to increase too because that would be futile

[EndOfLine]

God, I "love" these click-bate headlines so much. Truth is, you can't predict the future. I recommend reading "Black Swan" by Taleb on this, really insightful explanation of unpredictability.

[FrueGreads]

Nothing new that we have not heard before,but 50 000$ it is still too much for this year in my personal opinion.But the beginning of the year can be tricky and in this moment price is far and away from 15 000$,so that this speculation may seem too excessive.

Right now it might look excessive, and to be honest I don't care about the price that much anymore so I don't really pay to much attention to these predictions, but if I consider that the lightning network might be ready for use during this year, then that price looks perfectly reachable.

Most people that are buying bitcoin now, don't really care about it' usability. They just care about it's price and they want to make some profit out of it. I can't really blame them right now, because it's hard to use BTC, and merchants seem to be dropping it's support from the coin, so the market right now is filled with pure traders. Those love the volatility of course, and can even manipulate the market, since it's still very thin. So all talks about price are pure speculation from this point of view.

But once the LN is available, things will change. The markets will slowly get filled with people that are actually using the coin, and it's price will go up with the increase of adoption. People will most likely hold the coin for long, and it will be harder to manipulate the markets. From this point of view, it's adoption that is increasing the price, so I would say that it's perfectly normal to go as high as $40k or $50k.

[BitHodler]

People will most likely hold the coin for long, and it will be harder to manipulate the markets.

How exactly will the market be harder to manipulate? I don't see anything pointing in that direction since the manipulation largely happens on-exchange with the combined load of fud that we see from time to time.

People quite often say that the higher the price goes up, the harder it will be to manipulate the market, but that till this day has not been the case ~ the manipulation is as strong as it has always been.

If you were referring to something else, then please explain. Thus far there haven't been many good arguments on what can be done to at least reduce the market manipulation we're (likely) referring to.

[Irvinn]

The forecasting of the expert is not very new, but it is good that it was expressed at the World Economic Forum in Davos, which significantly raises its value. This is also good due to the fact that many investors lost faith in bitcoin due to its shortcomings with transactions and commission fees. Such a forecast will raise the rating of bitcoin and, finally, along with positive news from South Korea, it will be able to grow in price.