[2018-01-22] Bitcoin To Drop As Low As $1000 This Year, Wall Street CIO Predicts

[ivanpoldark]

Peter Boockvar, the Chief Investment Officer at Bleakley Advisory Group, sees the potential for Bitcoin (BTC) to be around for a long time, but with a significant price drop coming when the Bitcoin bubble bursts, according to CNBC.

Boockvar sees a possible 70 to 90 percent price drop for Bitcoin this year, saying:

“Over the next year I wouldn’t be surprised if it’s BTC down to $1,000 to $3,000.”

When asked if the stock market would crash in the event of a significant fall in Bitcoin’s price, Boockvar said that any corresponding drop would just be psychological, because Bitcoin is “not something that really is that relevant in a 19 trillion dollar economy.”

However, he adds that people in South Korea, Japan, and the US who have been taking on credit card debt in order to invest in cryptocurrency will be hit hard.

Boockvar told CNBC that the boom in crypto markets can be attributed to easy-money policies of central banks and money printing. These moves make some cryptocurrencies, like Bitcoin, more attractive to investors, due to the fact that they are both finite and safe from debasement and inflation.

People have long questioned whether Bitcoin fits the mold of a traditional “bubble.” Yale economist Robert Shiller, who won a Nobel prize for his work on financial bubbles, used Bitcoin as an example of a bubble in September 2017. However, in January 2018, Shiller then said that he didn’t know what to make of Bitcoin, adding that it could be around for another 100 years.

BTC is trading at around $11,820 at press time, down about 1.52 percent over a 24 hour period.

https://cointelegraph.com/news/bitcoin-to-drop-as-low-as-1000-this-year-wall-street-cio-predicts

[caloriecoin]

That Wall Street CIO will be soon fired when Bitcoin crosses 100k USD in 2018.

                   - Calorie Coin

[davis196]

This is FUD,but i wouldn`t be suprised if his prediction becomes true.What if the bitcoin futures trading is cancelled,due to the negative news about cryptocurrencies,coming from all over the world.The big investors will run away from btc,which will lead to mass panic selling.The tremendous price drop would make btc mining unprofitable and lots of miners will leave bitcoin mining.We have to rely only on the big crypto whales and their influence over the governments.

[1Referee]

I hope you're right my wall street dude. It would mean that I can buy back 10-15 Bitcoins for every Bitcoin that I sold last year. On a more realistic note, it will not happen. There is no reason to believe any of these skeptics when they don't even understand the very basics of Bitcoin, and its market. These are the exact same fools having said that Bitcoin wouldn't even manage to hit $100 back in the days, which it did. The same goes up for $1000, and so forth. Keep talking and you'll see how you don't want to get remembered to that prediction ever again once we're six to twelve months away from now. To add; if people really believe that the market is going to tank real hard this year, then feel free to short Bitcoin and to make loads of profit afterwards. It's an utter waste of a fantastic money making opportunity if you don't do so.

[CryptoComes]

Wall street bears do anything for BTC fall, and then they are going to buy

[casparthefriendly]

These clowns are knee-deep in creating panic and driving up and down the price of Bitcoin.  They are only pronouncing it to move the market.

[Cryptodetail]

These clowns are knee-deep in creating panic and driving up and down the price of Bitcoin.  They are only pronouncing it to move the market.

Yeah you are definitely right. They think we are stupid marionettes going to follow all their instructions. And now they need us to sell.

[Qartersa]

Well, what is their basis for such prediction? They have to at least state some basis for us to take their opinion into consideration. But of course, we have to take all opinions with a grain of salt so as to not falter big time. There is no harm in being cautious in the first place. Nonetheless, there being insufficient data to rely on such prediction, I think this statement by Wall Street CIO is just like any other publication that is intended to destroy the integrity of Bitcoin's market in 2018 for their own vested interests.

[cynical]

Well, what is their basis for such prediction? They have to at least state some basis for us to take their opinion into consideration. But of course, we have to take all opinions with a grain of salt so as to not falter big time. There is no harm in being cautious in the first place. Nonetheless, there being insufficient data to rely on such prediction, I think this statement by Wall Street CIO is just like any other publication that is intended to destroy the integrity of Bitcoin's market in 2018 for their own vested interests.

i agree, my opinion weighs just as much as any "chief investment officer"
anything can happen in crypto as anyone with only one eye on it over the last 6 months would have noticed.
Now that it has been mentioned the market may very well respond downwards but if it does i cannot believe it would stay there   

[J. Cooper]

Well, what is their basis for such prediction? They have to at least state some basis for us to take their opinion into consideration. But of course, we have to take all opinions with a grain of salt so as to not falter big time. There is no harm in being cautious in the first place. Nonetheless, there being insufficient data to rely on such prediction, I think this statement by Wall Street CIO is just like any other publication that is intended to destroy the integrity of Bitcoin's market in 2018 for their own vested interests.

There's no basis of such prediction, there really is none. The funny thing is that these folks things they're relevent because of their current position. Another funny thing is the fact that he's not even confident in his statement he kept it to a mere 'I wouldn't be surprised if'. I wouldn't be surprised if bitcoin hit $50K this year either.

[cr1776]

So, if you believe everything you read from the "experts" they have the bases covered:  bitcoin will be between $0.00 and $10,000,000.00 per coin in period 2018-2020 (both inclusive).  And with that "prediction" I agree.

If *any* of them knew what was going to happen they'd have shorted bitcoin last month or gone long on bitcoin years ago.  Instead, they will all guess, a few will be correct, and they'll say "I told you so" and it will likely have been due to dumb luck.

Here is a prediction:  IF usage continues to grow in store of value usage, speculation, and particularly in the micropayment realm, fees drop (e.g. some due to segwit and lightning), and an ETF (or more than 1) are approved in 2018 or 2019, the fiat value will increase dramatically.   Once we hit the next halving - we are only a few months from being halfway there - supply will be further constrained and everyone who bought in during most of 2017 -and held- will be well reward.

[darkangel11]

“not something that really is that relevant in a 19 trillion dollar economy.”

Let me rephrase that:
Bitcoin will go down to $1000 because you people are stupid and buying something worthless instead of buying stocks at Wall Street, like me! Bitcoin is a child's play, men don't bother with small economies like that, we play big!

That's what that buffoon is saying! Unbelievable how stuck up these people are.

[richardsNY]

Here is a prediction:  IF usage continues to grow in store of value usage, speculation, and particularly in the micropayment realm, fees drop (e.g. some due to segwit and lightning), and an ETF (or more than 1) are approved in 2018 or 2019, the fiat value will increase dramatically.   Once we hit the next halving - we are only a few months from being halfway there - supply will be further constrained and everyone who bought in during most of 2017 -and held- will be well reward.

Noooooo! Don't talk about this so freely. I don't want anyone to know this, because the less people know about what you mentioned, the longer I can keep buying up people's cheap coins. Seriously, with all aforementioned in mind, one is stupid to not keep buying more, or at least not to sell at current levels, and especially not at a loss. People's problem is their short term way of thinking, which is severely limiting themselves in each and every way. A dumped down market is a great opportunity to grant yourself some cheap entry points, but for that you need to be able to see long term growth. If you're a get rich quick noob, you'll likely wait for the price to have increased with 50% before finally pulling the trigger....

[coolcoinz]

OMG BItcoin is irrelevant compared to Wall Street. Quick all of you idiots dump Bitcoin and buy shares of some shit company that's making toilet paper! It's going to change the world!
Bitcoin for $1000 would mean a disaster. It would have to be taken over by a new version like one of the forks. If BCH went somehow to 15000 It would be possible for Bitcoin to drop down to $1000. Otherwise I just don't see it happening. The cryptocurrency market can shrink temporarily but not to that size. He's taking those numbers from his ass.

[Beclecam]

Peter Boockvar, the Chief Investment Officer at Bleakley Advisory Group, sees the potential for Bitcoin (BTC) to be around for a long time, but with a significant price drop coming when the Bitcoin bubble bursts, according to CNBC.

Boockvar sees a possible 70 to 90 percent price drop for Bitcoin this year, saying:

“Over the next year I wouldn’t be surprised if it’s BTC down to $1,000 to $3,000.”

When asked if the stock market would crash in the event of a significant fall in Bitcoin’s price, Boockvar said that any corresponding drop would just be psychological, because Bitcoin is “not something that really is that relevant in a 19 trillion dollar economy.”

However, he adds that people in South Korea, Japan, and the US who have been taking on credit card debt in order to invest in cryptocurrency will be hit hard.

Boockvar told CNBC that the boom in crypto markets can be attributed to easy-money policies of central banks and money printing. These moves make some cryptocurrencies, like Bitcoin, more attractive to investors, due to the fact that they are both finite and safe from debasement and inflation.

People have long questioned whether Bitcoin fits the mold of a traditional “bubble.” Yale economist Robert Shiller, who won a Nobel prize for his work on financial bubbles, used Bitcoin as an example of a bubble in September 2017. However, in January 2018, Shiller then said that he didn’t know what to make of Bitcoin, adding that it could be around for another 100 years.


BTC is trading at around $11,820 at press time, down about 1.52 percent over a 24 hour period.

https://cointelegraph.com/news/bitcoin-to-drop-as-low-as-1000-this-year-wall-street-cio-predicts

hope it is true bitcoin will buy me and no money

[CryptoBry]

This is FUD,but i wouldn`t be suprised if his prediction becomes true.What if the bitcoin futures trading is cancelled,due to the negative news about cryptocurrencies,coming from all over the world.The big investors will run away from btc,which will lead to mass panic selling.The tremendous price drop would make btc mining unprofitable and lots of miners will leave bitcoin mining.We have to rely only on the big crypto whales and their influence over the governments.

In other words, we the people will never against the powerful forces of the government and the many financial institutions who are now starting to defend their own turfs from the incursion of Bitcoin. All the dreams of Satoshi Nakamoto would just be limited to the use of the blockchain technology...ironically it will be the governments and the financial institutions who are more inclined to get benefited by the technology...the same sectors which brought us many economic ills. I am now certain that anything man-made will always have flaws no matter how good we may them to be.

[Diced90]

That Wall Street CIO will be soon fired when Bitcoin crosses 100k USD in 2018.

                   - Calorie Coin

You read my thoughts and truth be told its such statements that are meant to bring fear into people but this is nothing than a wild speculation and surprising where were these guys when bitcoin was just a small bud, now that they see the flower bitcoin has turned out to be, they have chosen to spread FUD to secure themselves cheap coins such strategies wont work. Hope he knows his job is on the line!