Bitcoin has surpassed $11,000. What’s next? Cryptocurrency experts explain
On November 29, Bitcoin has exceeded the level of $11,000. What’s next for Bitcoin? Bloomberg asked the question to reputed members of the cryptocurrency community.
Arthur Hayes, co-founder and chief executive officer of BitMEX, believes Bitcoin may reach $50,000 by the end of the next year.
“They said it was a bubble at $1,000, they said it was a bubble at $5,000 and they said it was a bubble at $10,000. Shorting anything is a very dangerous game, especially if you are shorting into a transformational monetary system,” Arthur Hayes said.
Stephen Innes, head of trading for Asia-Pacific at Oanda stated that cryptocurrencies would gain more credibility in the long run. Growth factors would include the interest of major financial market players and the launch of Bitcoin derivatives.
“When we’re starting to get into these crazy numbers, I’m a little bit fearful that retail traders are jumping in under the false guise of this will run on forever. We know things never go in a straight line,” Stephen Innes thinks.
Jehan Chu, managing partner of cryptocurrency fund Kenetic Capital says that a small correction is possible, but Bitcoin price will be growing, drawing interest of institutional investors.
“Price behavior may be forecasted taking into account the attitude of governments, central banks, corporations, and large investors. Currently, the league of Bitcoin opponents is not very active. Therefore, the other league is setting new goals and achieving them,” Jehan Chu claimed.
Billionaire Michael Novogratz still believes that Bitcoin is the largest bubble in the whole history of finance. However, he owns a cryptocurrency fund estimated at half a billion dollars.
“Bitcoin is a bubble with a lot of froth. Such bubbles start around ideas that are often right. But I don’t think cryptocurrencies are actually currencies,” Michael Novogratz said.
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