Crypto Financial Expert Confirms Bullish Sentiment in the Virtual Currency Market
Chris Kline, co-founder and COO at Bitcoin IRA, says that there are some signs that show that Bitcoin (BTC) could reach new all time highs in the next months.
Bitcoin has been steadily growing towards $7,000 dollars in the last weeks, and this is something that attracts investors. The cryptocurrency market has been in a bear trend since the beginning of the year and when it seems that there is a reversal, the community gets excited.
Chris Kline says that there are some bullish signs and that Bitcoin price could reach $40,000 dollars in the next years. He explains that if virtual currencies continue to grow and expand all over the world, Bitcoin may surpass $40,000 by the end of 2019 and continue to climb in 2020.
What Mr. Kline says is similar to other predictions made by other experts in the space. For example, the billionaire investor Marc Lasry forecasted that Bitcoin will reach $40,000 dollars in just a few years.
Kline bases his analysis on the current regulatory uncertainty that is affecting the virtual currency market. In the next months, the U.S. Securities and Exchange Commission (SEC) could approve the first Bitcoin Exchange Traded Fund (ETF).
If that happens, several investors would start to place their funds in the market, something that could help the prices increase.
On the matter, he mentioned:
“If the application is accepted, then I believe bitcoin will become far more accessible to a wider range of investors who wish to invest in a crypto fund rather than directly into the crypto itself.”
There are several companies that have shown their interest in the crypto market. Goldman Sachs, for example, has plans to launch different Bitcoin trading products and services. The same with the Intercontinental Exchange (ICE) or Nasdaq.
He says that as more financial institutions build their crypto products more investors will get involved with Bitcoin and other cryptocurrencies. In the future, Bitcoin could play a very important role in our ordinary life.
Back in July, the U.S. Patent and Trademark Office granted Mastercard a patent in which the company deals with crypto transactions. Kline says that if this product reaches the market, cryptocurrencies will become an ‘ingrained’ part of our daily lives.
Another thing he mentions is that Bitcoin is also registering an increase in the number of on-chain transactions.