TenX Founder Julian Hosp Says Bitcoin Price Could Reach $60000 in 2018

“So if it’s not risk-off inspired price action from bitcoin that moves other markets how about higher energy costs?” In the previous year alone, Bitcoin has risen almost 1000%, and is now priced at around £8,500 per whole unit.

Bitcoin’s volatile nature lends itself to a cycles of steep drops and soaring highs. Some top bankers have called the Bitcoin boom a fraud and central banks have issued repeated warnings of an asset bubble waiting to burst.

The blockchain technology that is underlying bitcoin has found greater acceptance in fields beyond finance such as pharma, government services and even in distributing aid to refugees.

Most important, the bitcoin price chart remains a story of steep rises and big crashes. A proper focus for institutional investors is likely the broader market, including “forks” and second-generation – or 2G – offshoots that address bitcoin’s flaws, he said.

Bitcoin’s hard fall last week reinforced for many, and put just as many on notice, about the volatility of the crypto. Meanwhile, large institutional investors (such as traditional mutual funds, Wall Street banks and established hedge funds) have generally remained on the sidelines, even though their involvement is key to bitcoin’s sustainability.

Bitcoin has made some people rich. Brothers Cameron and Tyler Winklevoss invested early on in Bitcoin when it was relatively worthless.

Over 70 million dollars’ worth of Bitcoins has reportedly been lost by several cryptocurrency exchanges and miners, highlighting concerns about the security of such currencies. It has also gained a great deal of attention, especially after the price ran through the bitcoin $10,000 mark.

The cofounder of the Bitcoin.com website, Emil Oldenburg, reportedly “sold all my Bitcoins recently and switched to Bitcoin cash”.

Many experts have voiced their disapproval of investing in cryptocurrencies claiming that it’s a waste of money as they’re bound to crash because there’s no real mechanism in place to determine their value. He says that the steady rise of Bitcoin has convinced him that it is a safe investment. The last time Lee raised his mid-2018 price target for Bitcoin was in November when he raised it to $11,500.

One question that we often get asked at Sanlam is – “I don’t know how to mine Bitcoin, I don’t actually want to use it as currency, but I want exposure to it”. The alternate cryptocurrency has shown strong performance since its split but has lagged behind Bitcoin in value. He called the elevation of the price over the last months risky and said: “This dip for us was very, very healthy, and some of us have used it to buy a little bit more because suddenly we had 40-45 percent discount to all-time highs”. If what Hosp says does indeed come out to be true, then it’s less of a loss given the bigger picture as compared to a market crash.

Bitcoin software can crunch all those equations automatically, but it requires a lot of computing power to do so.