At times, CNBC comes across as bipolar in its cryptocurrency reporting. The network will publish doom and gloom reports that Bitcoin and other digital currencies are about to spiral into the abyss, only to follow up immediately with reports that the industry is booming. While it’s reasonable that different reporters will publish different opinions, it can send the average investor for a loop while trying to make a financial decision. Today’s reporting might set minds at ease. On July 13th, the network published the opinions of five finance experts, and according to everyone in the group, the outlook is great.
According to CNBC reporter, Thomas Catenacci, Bitcoin had a rough year when it fell from its all-time-high of $20,000 in December, to under $6,000 in June. It has however, been stable above $6,000 recently, testing $7,000 on July 7th and 8th. If it breaks through the resistance, there is the possibility that it will hit $8,000 and above. According to some of the experts on the panel, Bitcoin could go to the moon.
The CEO and founder of Social Capital, Chamath Palihapitiya correctly predicted that Bitcoin would surpass the value of an ounce of gold in June 2017. In December, he doubled down and said that Bitcoin would hit $1 million USD within 20 years. This prediction was made back in December when it was peaking at $20,000. Palihapitiya walked this back in May when he said that Bitcoin is valuable as a virtual insurance policy, since it’s “fundamentally not correlated” with the S&P 500.
In June, Tom Lee, from Fundstrat Global Advisors predicted that Bitcoin would once again break $20,000 by the end of 2018. If his prediction holds true, then Bitcoin could more than triple in value in fewer than five months. The question is whether it will make a series of jumps, with a final rally in December that mirrors last year’s results.
While the founder of BKCM LLC, Brian Kelly prefers Ethereum over Bitcoin, he is optimistic about both. Bitcoin remains the reserve currency of the cryptocurrency market, but that may change as Ethereum arguably has greater utility, serving as the blockchain of choice for ICO token creation. In addition, in June the SEC announced that Ethereum is not a security today, making it less problematic to sell and trade.
The founder and CEO of OnChain Capital, Ran Neu-Ner may be the most bullish of the group. In February, he told CNBC that “We haven’t even got to the start line of cryptocurrencies.” He compared Bitcoin to “digital gold” at that time, and he is correct that the technology has been growing nonstop since he made his original statements.
Like every market, cryptocurrency trading remains a battle between the bears and the bulls. The market has been bearish since it tested $10,000 in May. However, with regulatory clarity finally coming out of the various agencies, and with security improving on the various exchanges, we may see a bounce that sends Bitcoin and other cryptos skyward again, as these five experts have suggested. Read the original article here.