Analysts like Tim Draper, The Winklevoss Twins, and Thomas Lee have all made wild predictions as to the potential valuation of Bitcoin. Recently, a new voice has arisen to signal a potential boom in price.
Brian Kelly, the CEO and Founder of BKCM LLC, which is a digital assets investment fund, said in an interview with CNBC that there is “no reason” why Bitcoin can’t visit the $20,000 level, and even the $25,000 level by the end of 2018.
Kelly also made the assertion that while it sounds crazy, $250,000 by 2022 is not out of the question. He justified this by saying that over the past four years, Bitcoin has produced a 4000% trend, so this would simply be following the trend that Bitcoin has been on for the past four years.
He added that Bitcoin is difficult to use right now as a currency, due to its volatility. He said once that dampens, Bitcoin could become more usable.
When asked about Bitcoin’s week last week, and whether or not this week would produce similar results, he said this:
Traffic volume is starting to pick up, we have pack selling rolling off, we have short covering going on, so we need the fundamentals which is the number of transactions to catch up a bit and if we see that, I think we’ve bottomed here and we have a sustainable bull run.
At the time of this interview, BTC was at $7,848. As of 3:26 CST on April 16, Bitcoin has seen a slight jump to $7,962.
Devout investors will not be surprised if Bitcoin hits $25K by the end of 2018. The major volatility of the crypto market could be a huge win for early adopters and silence many critics.
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