This month, Bitcoin skyrocketed for several days, being close to $20,000, then went through a serious crash, trading even under $13,000. However, a lot of financial experts are still optimistic about its future.
Is winter actually coming?
According to CNBC, cryptocurrency entrepreneur Julian Hosp is confident that the rise of the coin is far from being over. Still, there’s one catch about it.
“I think we’re going to see Bitcoin hitting the $60,000 dollar mark, but I also think we’re going to see bitcoin hitting the $5,000 dollar mark,” Hosp said. “The question is though, ‘Which one is it going to hit first?'” he added.
Over the past months, a lot of critics, as well as national governments warned people about the potential dangers of investing in cryptocurrencies. They expect most of them to crash since nothing actually underpins their real value.
Julian Hosp’s prediction represented a $45,000 rally from Bitcoin’s current price. On the other side, it can be a $10,000 collapse, underscoring its volatility.
Bitcoin is still not that stable
This month, after reaching milestone after milestone, it took Bitcoin just one day to collapse, losing almost a third of its value. Even more, for a few hours, it was trading below $11,000, but managed to quickly regain some territory.
Currently, the cryptocurrenty is trading at $16,302.35, while the total market cap has surpassed $273 billion.
The interest in Bitcoin is compared to the dotcom bubble, started 20 years ago, so we’re looking forward to seeing a consolidation of the majority of digital coins in the near future.
“I don’t think it’s going to be a bubble that’s just going to burst and everyone is going to lose their money, but I think it’s going to be that all the coins and all the assets with very little use or value are going to get sorted out,” said Julian Hosp.
Considering this, we can easily say that Bitcoin can now be compared to digital gold, while the days in which is going to be used on a daily bases are still far far away.