Experts see no reason why Bitcoin can’t reach $50,000 in value within the year.
Despite bitcoin hitting its lowest point in recent weeks, experts believe the cryptocurrency will go as high as $50,000 (about P2.6 million) by December.
Experts believe that after February, various cryptocurrencies would bounce back and rise higher than they did in 2017. They credit this to major technology developments and the entrance of institutional capital, reports CNBC.
“There is no reason why we couldn’t see bitcoin pushing $50,000 by December,” said Thomas Glucksman, head of APAC business development at cryptocurrency exchange Gatecoin.
Mick Sherman, co-founder and CEO of Hercules Tech, a data science company focusing on blockchain and big data, also believes the digital currency will grow big this year.
Sherman said, ”The revolutionary nature of blockchain technology is what’s driving the hype and even though we may be years away from viable blockchain-based assets, we may very well see several more bubbles.”
Some of the technological developments experts are watching include bitcoin’s Lightning Network, which would enable faster transaction speeds for cryptocurrencies. Meanwhile, companies like IOTA build platforms based on blockchain technology that developers can work on.
Bitcoin dipped as far down as below $6,000 in value last Feb. 6, a big difference from the nearly $20,000 (around P1 million) record high that the crypto reached during the 2017 holiday season. As of this writing, bitcoin has been seeing signs of recovery and is now back up to $11,000 (around P575,000) in value.
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