Top 5 bitcoin predictions made in 2018
Launched in 2009, Bitcoin, the world’s first cryptocurrency became a household term in 2018, which ended up pushing its value upwards of $17,000. However, as this year came to an end, the cryptocurrency which kickstarted a financial revolution couldn’t recover to the $10,000 mark from its crypto-winter induced lows, despite many experts predicting it to reach as high as $50,000.
As Bitcoin ends the year hovering at the crucial $3,000 mark, let’s have a look at top 5 predictions made by the crypto experts:
5. Spencer Bogart
A venture capitalist and a partner at Blockchain Capital Spencer Bogart in an interview to CNBC talked about his conviction in Bitcoin crossing the $10,000 mark. He, however, was skeptical about altcoins performing well, especially ICO tokens, which he said were overpromising and underdelivering.
A lot of those tokens are overvalued,” Bogart said. “They could go up significantly, but they also have a significant headwind,” he told CNBC.
4. Alexis Ohanian
A venture capitalist and an entrepreneur, Alexis Ohanian in an interview to Fortune.com, predicted Bitcoin to be ending on upwards of $20,000. Known by the masses as the Reddit co-founder, Alexis‘s firm invested in startups like Coinbase, which now is one of the largest platforms for trading cryptocurrencies.
Speaking to Fortune.com, he claimed“At the end of the year, Bitcoin will be at $20,000. And Ethereum will be at $1,500.”
3. Tom Lee
Predicting the price of Bitcoin in July, Tom Lee, co-founder of Fundstrat — a leading research and analyses firm, mentioned that he sees Bitcoin reaching the price of $20,000 — $25,000 by the end of the year.
Speaking to CNBC, he said “Given where the mining cost will be and applying the historical average of 2 and a half time the mining cost that would imply a fair value of over $20,000. So, we still think that Bitcoin can reach $25,000 by the end of the year, or something like that.”
2. Arthur Hayes
Founder of the Bitmex, a cryptocurrency exchange in an interview with CNBC told that he is confident about Bitcoin touching the $50,000 mark in the year 2018. Bullish with regards to cryptocurrencies, Hayes mentioned that an “ETF approval from SEC is necessary” for the Bitcoin to cross its old barrier and reach new heights.
Speaking to media, he explained, “We could definitely find a bottom in the $3,000 to $5,000 range,” he said. “But we’re one positive regulatory decision away, many an ETF approved by the SEC, to climbing through $20,000 and even to $50,000 by the end of the year.”
1. John McAfee
The most famous prediction made with regards to Bitcoin prices is one made by John McAfee who is confident about Bitcoin reaching the million dollar mark by the end of 2020. Despite Bitcoin falling to 70% of its value in 2018, the former computer enthusiast explains that how it is eventual for the coin to hit the mark,
“It’s very simple, I’m a mathematician. As you run the numbers, the number of people using Bitcoin and the number of transactions, it’s escalating tremendously. That’s the true value… The true value is going to eventually be based on usage and if you track the usage curve, a million dollars by the end of 2020 is conservative.”
Whether or not McAfee’s prediction would be correct is something we will see in the coming future. Seeing Bitcoin ending at such a low price clearly states that there is no predicting which way the balance would incline. What however would be interesting to see is how this cryptocurrency performs in the year 2019.
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Originally published at tokenasia.com on January 7, 2019.
