ADVFN CEO: Bitcoin Will Return To $20,000 But Will Go Through A Sharp Drop Before
Bitcoin was able to surpass $10,000 this first semester. It has experienced a long period of stagnation following the peak of $20,000 in December 2017. So ADVFN CEO, Clem Chambers, said that the cryptocurrency is destined to go over $20,000, but not before it drops below what it has fallen this year.
At the same time, Chambers has compared the start of blockchain technology to that of the Internet:
“The blockchain will be the way of the future which will be like the internet was to the generation before. Bitcoin will probably be part of that future in the long term.”
Chambers says that the $100,000 Bitcoin will be the direct result not of increased demand for decentralized currencies, but of the need for more currencies in general. Right now there is a shortage of real money in the world, which just creates a vacuum that will fill Bitcoin and the altcoins.
How High Up The Market Are We Going?
Market prices rose by 10% following the announcement that Swiss politicians are moving to allow cryptocurrency platforms to work directly with the banks, the Swiss central bank and the federal government. This will generate a cooperative position in adoption and a world reference.
Jurisdictions such as Malta and Singapore are very active and are making a great effort to attract these companies. The lack of access to banking services is a significant competitive disadvantage. Blockchain platforms and social movements of crypto-enthusiasts must put pressure on certain national institutions to solve problems due to lack of adoption.
The announcement of pro-crypt regulation in Japan and South Korea has also exerted a positive force on Bitcoin's prices, with the Japanese FSA considering reviewing the restrictive regulation of cryptocurrencies exchange together with a South Korean government that will see the implementation of an industry classification system for blockchain technology.
Bitcoin ranks first in terms of market capitalization with $115 billion dollars.