[2017-12-10] Bitcoin Price to Hit $50,000 Next Year: Private Venture Capitalist

[moriskarlov]

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

Speaking on Bloomberg TV, Jehan Chu, said:

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

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

Speaking about how digital currencies are perceived in Asia compared to the U.S., Chu argued that the Asian market is a lot more ‘nimbler’ than its counterpart, including that of China despite its crack down on initial coin offerings (ICOs) and domestic digital currency exchanges.

Interestingly, he stated:

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

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

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

When questioned as to whether South Korea has become interested in the cryptocurrency space because of North Korea and its use of bitcoin as a safe haven, Chu replied in the negative. According to him, South Korea is focusing on this space because ‘they have a culture of trading.’ As they are familiar with trading Forex and stocks, Chu thinks that trading in digital currencies makes 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 think that anywhere that you see a population which is comfortable with trading like Japan, like Korea, and even Hong Kong to a degree, and specially recreationally in China you’re going to see a lot of interest in cryptocurrency and I see that growing exponentially."

Billionaire hedge fund manager Mike Novogratz is another bullish individual on the price of bitcoin. Last month, he said that it could ‘easily‘ reach $40,000 by the end of 2018.

https://www.cryptocoinsnews.com/bitcoin-price-hit-50000-next-year-private-venture-capitalist/

[Argoo]

It is possible that by the end of next year bitkoyn can go on a course of 50 000 dollars. In the first decade of December, he already showed us what he is capable of. Given the last uncontrolled rise in the price of bitcoins, such a course no longer seems impossible.
     Concerning the quoted opinion that next year we can see the first crypto currency, which will be created and supported by the government, and it is hinted that it will be from China, deserves special attention. Many states have announced the creation of their own crypto currency, but so far we have not seen such a crypto currency.

[Gotottack]

Well bitcoins have really beaten all expections, the number is large in any scale but again we'll see whether bitcoins would again beat all expectations next year. So far right now bitcoins has already grew by 2000% since the same time last year. December last year (2016) prices were just $800, there are even speculations that bitcoins will drop back to $300 at the time, but look at it now. It has grew 20 times since that time and it would grow a lot more. 50k USD seems more than 20 times, but we'll see.

[rjbtc2017]

Can we say that these predictions and expectation Irrelevant?, A lot of this person who are currently riding bitcoin doesn't have the credentials and doesn't have the materials,evidences and supporting facts to support their statements. I read again the word China. Jehan Chu said that "China is actually one of the fastest to adopt at an enterprising level blockchain technology." " you’re going to see a lot of interest in cryptocurrency and I see that growing exponentially Like what? This getting weird now, praising China for their "fast adoption of an enterprising level blockchain technology" " with the news of banning Bitcoin,Bitcoin Exchanges,ICOs and Bitcoin Mining facilities, is there something wrong now?, Are we anticipating another Big FUD from China?.
Regarding to the South Korean Government interests on Cryptocurrency, I will agree on his statements. I think It is not politics but more on accepting the new technology of Bitcoin and Blockchain.