Cryptocurrency Entrepreneur: Bitcoin to Hit $60000 in 2018, Sees Another Crash

  • Cryptocurrency Entrepreneur: Bitcoin to Hit $60000 in 2018, Sees Another Crash

Cryptocurrency Entrepreneur: Bitcoin to Hit $60000 in 2018, Sees Another Crash

It took other new cryptocurrencies with it. Cryptocurrencies such as Zcash, EOS and Ethereum took an even sharper dive in prices than Bitcoin did.

"I think we're going to see bitcoin hitting the $60,000 mark, but I also think we're going to see bitcoin hitting the $5,000 mark", said Mr. Hosp.

Many high-profile critics and several national governments have warned of the risk connected with investing in cryptocurrencies.

The crash in Bitcoin's value on Friday has dissuaded some institutional investors from entering cryptocurrency.

Bitcoin has off late been the talk of the business town for the level of success it has achieved off late within no period. Hosp doesn't think so.

After hitting record high of $20,000 on December 17th, 2017, bitcoin's price collapsed last Friday. The cryptocurrency lost over 30% of its value in a single day. It fell for awhile below $11,000 and started regaining. Last week, the fall in the value of Bitcoin by nearly 25% was a chaotic news because investors thought the bubble of virtual currencies would eventually explode and certain option and future firms even closed their counters in fear that the market might crash but the regain today is a sign that virtual currencies have a much significant role to play than just being speculative commodities like stocks.

Bitcoin rose 15 percent on Tuesday, recouping about half of the losses it sustained last week, its worst since 2013, as investors who had missed out on earlier rallies bought the world's biggest and best-known digital currency. Ever since the futures were introduced, the bitcoin prices have been on the backfoot and it remains to be seen whether the introduction of the futures has had a role in that or whether it has been just a coincidence over the last couple of weeks.

Surprisingly, few online sellers are now accepting bitcoins as an exchange of products and services for carrying out online transactions.

Hosp didn't give his opinion on which cryptocurrency is the most durable, but he said their number will decrease due to the market's compression. I see bitcoin more as digital gold rather than a currency that is going to be used on a daily basis.