CoinList CEO expects Bitcoin to reach $ 100,000 by early next year

The representation of the cryptocurrency Bitcoin is placed on the US dollar bill in this figure taken on May 26, 2020.

Daddle Bitch | Reuters

The head of the new and fast-growing platform for cryptocurrency products expects Bitcoin to reach $ 100,000 by the beginning of next year.

CoinList CEO Graham Jenkin is bullish on cryptocurrencies, hitting a record $ 66,000 on October 20 after the launch of the long-awaited US Bitcoin futures ETF. Since then, digital currencies have held back some of their profits and are trading at $ 59,052 per coin at 6:45 am on Thursday in London.

However, Jenkin was optimistic about Bitcoin rising to higher heights.

“Most people on the CoinList are confident that it will be $ 100,000 by the end of the year. It’s pretty tight so I’m not sure if it will reach that, but I’m predicting it. This year. beginning.”

To show the growing demand for cryptocurrency holdings, CoinList announced $ 100 million in Series A funding, giving it a $ 1.5 billion valuation.

Many financial professionals and businesses expect the currency to reach that $ 100,000 and even exceed it. They point to inflation and the launch of ETFs as creating the perfect environment for Bitcoin to thrive, and describe it as an inflation hedge.

Billionaire Investor Paul Tudor Jones previously told CNBC this The month he prefers cryptocurrencies as an inflation hedge over gold.

“We have a cryptocurrency plan and we’re clearly outpacing gold at this point … I think that’s also a very good inflation hedge,” Jones told CNBC. “Squawk Box” “At this point, I prefer gold to gold.”

Fidelity Investments, on the other hand, expects the currency to reach $ 100,000, which is beyond the much longer timeline.

Julian Timmer, Global Macro Director of Fidelity, I told CNBC this month The forecast is based on the supply and demand model he is studying. “The next and last time these two models intersect is $ 100,000 in a few years,” he said.

Still, there are still many Bitcoin denialists.

JPMorgan Chase CEO Jamie Dimon recently called Bitcoin “worthless.” Following a previous statement that he believed that currency had “no intrinsic value”.

And he sees Bitcoin sticking for a long time, He told Axios Early October: “I always believed that it would be illegal somewhere. China made it illegal, So I think it’s a little ridiculous money. “

He added that he believes that “regulators are then trying to regulate hell.”

This month, United Wholesale Mortgage, the second largest mortgage company in the United States Abandoned plans to accept Bitcoin payments, “Current Combination of Incremental Costs and Regulatory Uncertainty in Cryptographic Space”.

And Bitcoin Bull’s Mark Yusco warns of a withdrawal, hoping investors will make a profit at Bitcoin’s current high interest rates, calling it overbought.

“Given how much we are overbought right now, a refreshing pause won’t surprise me,” Yusco said. “There is a risk of buying rumors and selling news.” Still, Yusco sees potential profit taking as temporary and considers it temporary. Bitcoin reaches $ 250,000 in 5 years..

Of course, being bullish on Bitcoin works in favor of CoinList. But the often dramatic volatility of cryptocurrencies does not necessarily hurt the platform, the CEO said.

“There is certainly some impact on the impact of Bitcoin prices on our platform, but it really is between what is happening on Bitcoin prices and the enthusiasm for access to the early stages from the community. It tends to be separated because it is an offering with tokens on the platform, so the impact is small. “

“Sure, if Bitcoin goes to zero, that would be a big challenge for our platform, but I don’t think it will happen soon.”

CoinList CEO expects Bitcoin to reach $ 100,000 by early next year

Source link CoinList CEO expects Bitcoin to reach $ 100,000 by early next year

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