Bitcoin Roundup: November Week 4–2
Bitcoin continues to trade in narrow range.after it made an all time high of $8354.46. Big investors are getting excited about the future of cryptocurrency. Investor Thomas Lee expects bitcoin to touch $11,500 by mid 2018 while, hedge fund manager Mike Novogratz expects bitcoin to touch $10,000 by end of December’17.
In other developments, Phillippines is considering to regulate Bitcoin whereas, South Korean finance regulator stated that it does not plan to supervise or regulate bitcoin.
Crypto Bull Tom Lee Doubles Bitcoin Price Target to $11,500
A day after hedge fund manager Mike Novogratz said the cryptocurrency will end the year at $10,000, Fundstrat’s Thomas Lee doubled his price target to $11,500 by the middle of 2018 — a 40 percent gain from current levels.
The November slump “cleaned up weak hands,” Lee wrote Wednesday in a note to clients that almost doubled his last forecast. The strategist had warned earlier in the month that bitcoin’s rally to $7,000 from $3,500 raised the likelihood for a short-term pullback. “We no longer feel caution is warranted,” he said.
Philippines Could Regulate (Legalize) Bitcoin as a Security
After issuing regulations for the cryptocurrency industry earlier this year, Philippine authorities are considering further steps to expand the use of digital currencies like bitcoin in the country.
In a news conference this week, the country’s Securities and Exchange Commission (SEC) commissioner Emilio Aquino revealed the authority’s intent to consider cryptocurrencies as securities, effectively bringing them under regulatory code, the Manila Times revealed.
South Korean Finance Watchdog Has ‘No Plans’ to Regulate Bitcoin Trading
The governor of a South Korean financial regulator has said it has “no plans” to supervise bitcoin trading, according to a report.
In remarks made to reporters today, Choe Heung-sik, chief of the Financial Supervisory Service (FSS), said that, since his agency does not view cryptocurrencies as “legitimate currency,” the FSS does not intend to supervise trading of the digital assets.