QUOINE CEO Believes Bitcoin Will Sky Rocket To All Time High BTC Prices In Next 12 Months
With the anniversary of Bitcoin’s most substantial price coming soon, analysts and other market experts are constantly predicting what the digital asset will do next. Mike Kayamori, the CEO of QUOINE, believes he knows exactly the pattern that Bitcoin is on, though he doesn’t see the trajectory mimicking last year’s spike until the end of 2019.
Even then, rather than matching it, he believes that the price will “surpass” all former highs, based on a Bloomberg Markets: Asia interview today. Considering the damage done during the slump that impacted nearly every token, Kayamori believes that the new momentum won’t begin until 2018 ends.
As he explained, he said that “there’s nothing new, no catalyst” that is happening anytime soon to be that cause of price increase. Even with many industry leaders calling the $4,000 price for Bitcoin the “technical bottom,” the coin didn’t keep that place, losing even more value. He commented,
“That said, when you look at historical [patterns] and where things are going, I think the bottom is near.”
He elaborated his point by bringing up the pressure that Bitcoin miners are facing, as some of them shut down their own operations to avoid any more loss than what they’ve already sustained. He said,
“If there’s enough miners going out of business, that [means] equilibrium is near. When you look at how markets overshoot, both up and down, you can probably say it’s close to the bottom.”
Kayamori believes it is the Japanese regulators that will drive this price spike, expecting that they will start approving new token listings and exchanges. The regulators recently became stricter with the $534 million worth of theft that happened at the beginning of this year with Coincheck, a Japanese exchange.
Kayamori also brought up how many exchanges have almost met the requirements imposed upon them by the Financial Services Agency’s (FSA’s) business improvement orders. With this adherence, the restricted exchanges will hopefully be moving back into the crypto space.
The exchanges and token listings for Japan are becoming the healthiest that they’ve ever been. Positively impacting compliance, asset segregation, and secure cold wallet storage, the crypto ecosystem in Japan is experiencing “consolidation,” which will only lead them into more lucrative and compliant performance.
Japan was the “first global economic powerhouse” that took on the feat of regulating cryptocurrency, and their mission to regulate the industry will ultimately benefit investors and exchanges. They are even creating a new model to replace Initial Coin Offerings (ICOs) as a fundraising method, which will be called Security Token Offerings (STOs) instead. This could help to eliminate a major crowdfunding effort that has been plagued with multiple scams over the years.
Along with all of these changes to the crypto industry of Japan, the local government is also working on reducing the risk of tax evasion from users that manage to turn a profit in their crypto transactions.