There are several individuals that are very bullish on the future prospects of Bitcoin; in the short term. Julian Hosp, co-founder of TenX, said that Bitcoin can potentially hit $60,000 by the end of the year.
Since its all time high in December 2017, Bitcoin has lost almost 70% of its price. After being traded so high, it has been in a bear trend that may not have reached an end yet.
Julian Hosp commented about Bitcoin’s price during an interview with CNBC:
“Back then, December, price was at $20,000 all-time high. I predicted for 2018, we’re going to see $5,000 and $60,000. So $5,000 we pretty much hit it, so let’s see if we can do the $60,000. I’m still quite confident.”
In 2018, Bitcoin was very close to touch $5,000, some weeks ago it was traded around the $5,700 mark. After it, the famous cryptocurrency reached $6,400 dollars.
In order to reach the $60,000 a ‘massive positive event’ would need to occur. Julian Hosp believes that this can happen with a bitcoin Exchange Traded Fund (ETF) or a country that would, for example, buy cryptocurrencies.
Some other figures believe that it is possible to reach such a price, but in a longer period of time. This year we have seen governments regulating virtual currencies and the market has been analysed by regulatory agencies. For example, John Mc. Afee thinks that Bitcoin will reach $1 million dollars in just a few years.
Additionally, important figures in the crypto space, like Ethereum’s co-founder Joseph Lubin, have commented on the matter saying that developers are focused on their work rather than thinking about the price.
“If price is high of if price shoots up and down, it’s actually great for us because it draws attention to our ecosystem, it draws entrepreneurs, it draws technologists and all of that interest drive fundamental value,” Lubin stated.
According to CoinMarketCap, Ethereum is the second most important virtual currency by market capitalization after Bitcoin with $44 billion dollars. Each ETH token can be bought for $444 dollars.