[2017-11-05] Bitcoin May Rise To $20,000, But Will Eventually Collapse

[aysha9872]

Bitcoin May Rise To $20,000, But Will Eventually Collapse: Russian Parliamentarians
Members of the Russian Duma predict further growth of Bitcoin, but concurrently call it a bubble that is sure to collapse.

Bitcoin has potential for enormous growth, but this growth is unstable, owing to which there are significant risks of a crash, according to deputies of the Russian Duma.

Bitcoin scaled new heights this week, and surged past a record-breaking $7000. The spike marks an increase of more than sevenfold since the start of the year, when Bitcoin’s price was around $1000. While the price surge has validated supporters of cryptocurrency, the significant increase has also given rise to concerns about Bitcoin’s volatility.

During an interview with RT, Chairman of the State Duma Financial Market Committee, Anatoly Aksakov, said the market for the digital currency was definitely bullish at present, with plenty of potential for further growth.

“It has not reached its growth limit; the pyramid has not yet inflated so much as to burst. It will be pumped more and more ... The price could double or even triple, it may even rise to $20,000.”

Aksakov claimed the price would continue to rise owing to “active discussions” about Bitcoin in the media, which tout the cryptocurrency’s record-breaking price surges and high profitability. It is owing to this hype, according to Aksakov, that “hotheads” looking for investment opportunities, “jump into the deep end”; this state of affairs will continue, he said, until some “critical situation” brings Bitcoin crashing down.

During an interview to Regnum, Sergey Zhigarev, head of the State Duma Committee on Economic Policy, Industry, Innovative Development and Entrepreneurship, voiced similar sentiments. Zhigarev described Bitcoin as a bubble, saying that while there was no question about Bitcoin’s potential for future growth, the grounds and stability of this growth were both in question, making it a risky investment.

“Bitcoin can exceed $20,000, and even $40,000, or maybe tomorrow it will collapse to five dollars and one cent. There is nothing, no assets behind Bitcoin, it is only about speculative interest, so people who play with it play at their own peril.”

Futures exchange CME Group recently announced a plan to launch Bitcoin futures at the end of 2017, a move which could lend a great deal of legitimacy to the controversial digital currency.

However, the effect of this announcement on governments and banks remains to be seen, as both groups have displayed suspicion and unwillingness to take Bitcoin seriously. Russia is one among many countries trying to bring cryptocurrencies under government control – last month, President Vladimir Putin issued orders for the regulation of cryptocurrencies and ICOs, shortly after he called digital currencies risky. In addition, Russia has also announced plans to launch its own virtual currency – the ‘CryptoRuble’.
SOURCE: https://cryptovest.com/news/bitcoin-may-rise-to-20000-but-will-eventually-collapse-russian-parliamentarians/

[1715578339]

1715578339

[1715578339]

1715578339

[marckenigsberg]

I agree that Bitcoin will go up.
I agree that it could collapse.
I don't agree that it is only "speculative interest". Bitcoin has clear and proven use cases for money and SOV.

[mmmmyah]

LOL all the central banks around the world are worried. I know all countries want to release their own tokens to "control" the supply. But that's what governments do - many are threatened by the existence of bitcoin.

[xFiber]

I'm so tired of all those bankers and politicians on their high horse claiming bitcoin is a bubble, a fraud, ponzi scheme, growing unsustainably etc etc. How many times did they proclaim bitcoin as being dead? Hundreds of times. And every single time bitcoin proved them wrong and it will continue to do so.
These bankers are scared to death bitcoin disrupts their careers and they will be obsolete when bitcoin perseveres.

[Irvinn]

Bitcoin can collapse after it is no longer supported by a significant part of society. If the society will use the constant demand for bitcoin, it will never fail. This is the case with all currencies. If, for example, people would refuse to use the dollar, it would immediately collapse. In the world there is nothing permanent or of constant value, if it concerns the world of finance.

[iamTom123]

Bitcoin can collapse after it is no longer supported by a significant part of society. If the society will use the constant demand for bitcoin, it will never fail. This is the case with all currencies. If, for example, people would refuse to use the dollar, it would immediately collapse. In the world there is nothing permanent or of constant value, if it concerns the world of finance.

Yes, it is as simple as that. The very main reason why there is that rise of Bitcoin is all about patronage. Here we have a group of people who are convinced that there is something of value that Bitcoin can offer and they all started to invest some of their money with Bitcoin. Now, instead of the idea just dying a natural death it spread to many more people and now we have a global phenomenon called Bitcoin. It is on fire because there are a growing number of people daily who are getting into it. When these people would one day decide that they don't like it anymore and that fiat money can be better then just like any other currency (fiat or not) its value would collapse and there is nothing really mysterious here...that is because we are using common sense in understanding things.

Now, having said that, it is unfortunate that those people who are in power seem to have no basic knowledge of Bitcoin or maybe they just refused to acknowledge what they know in the name of protecting what they got...the control over many things including the fiat money something which they can't do fully with Bitcoin. Those people in the government who have the habit of becoming like the prophets of doom should look at their own monetary system as they can be candidate for collapse soon. We have been to many fiat money losing value over time and when there can be financial crisis the value would be cascading down like running a stair down.

They are so daring in predicting the collapse of Bitcoin...when the same thing can happen to their paper money!

[yugyug]

yup it is tue that it could reach up to 20k but i strongly believe that it will not collapse on that target price maybe around 100k or a market cap of more than a trillion dollar investments. the only way that the bitcoin will collapse if the bitcoin die hard supporters will leave on the scene unless otherwise bitcoin still continue to grow, maybe many financial institutions feared about bitcoin but they can come-up another alternatives but no way they can touch the solid-strong bitcoin.

[bbc.reporter]

Where do all those analysts get their figures from? We have seen them tell us that it will rise to $20,000, $100,000 and more. But what do they base it on?

But I do agree that the crash is coming. In times of euphoria, we should start looking for what undervalued altcoins to invest in.

[Greenleed]

The earth will eventually collapse.

[TagaMungkahi]

Bitcoin can collapse after it is no longer supported by a significant part of society. If the society will use the constant demand for bitcoin, it will never fail. This is the case with all currencies. If, for example, people would refuse to use the dollar, it would immediately collapse. In the world there is nothing permanent or of constant value, if it concerns the world of finance.

That's why it is always suggest that Bitcoin should be used as a currency and not as a holding reserve.
Do not easily believe them, they don't have credentials to talk about Bitcoin and to continuously give comments and predeictions about Bitcoin using their Stocks Trading Intelligence, digital currencies is different from the physical ones. But i do believe that the burst is near, as of now, I do not see a worthy altcoin to invest in, Anyone knows?

[gemelnik]

I agree a collapse is very likely indeed. Especially since a lot of people have an interest in a collapse and there is a lot of power concentrated in a some players - specifically exchanges.....And if the are hacked or "hacked:)" then the mainstream will lose confidence in BTC and the market will plummet... Which is great for people like me who will buy buy buy

[Urbanbypas]

I think that bitcoin can cost much more than 20,000. But there is a risk that the bubble will suddenly burst.

[Oo ako to]

I think this would happen when bitcoin reached between $10k - $20k. The quick rise of bitcoins is always based on speculations that it will hit this or that amount so I'm imagining that when bitcoin's value reached $10k or more than that, people will likely to sell all their bitcoins right away because its price will slow the demand because it's too expensive to buy.